Is managing payroll one of the pain points on your to do list that keeps you awake at night?
It’s fair to say the Covid-19 pandemic has changed the way we work, including how businesses manage and process their payroll.
When you are tied up running your business, processing payroll can be extremely complex and burdensome to manage in-house. There are many varying factors to consider and there’s no room for mistakes.
Fortunately, outsourcing your payroll to a professional can bring many benefits to your business. We outline some of the pain points and key advantages below.
Using a professional provider can save a business from hiring payroll staff and the overhead costs that go with it, such as:
• Cost of payroll software
• Training costs
• Processing and distributing payslips
By outsourcing your payroll, you only pay for the service you require, and it is usually much cheaper than hiring payroll staff.
Accurate, Compliant and On Time
By outsourcing your payroll to a professional, you can ensure that your payroll will be processed accurately and on time.
Legal and compliance requirements relating to payroll change all the time and are often complex and difficult to keep up to date with – outsourcing your payroll ensures you are fully compliant with tax and payroll legislation.
There can be security issues involved when processing confidential payroll information in-house, such as:
• Intentional data breach – an unhappy employee leaking confidential information about another employee.
• Cyber-attack – phishing emails are on the increase and an employee could be tricked into sharing payroll information by email.
Most payroll professionals use the latest technology that can alert them to various types of payroll fraud, such as payment manipulation.
By outsourcing your payroll function to a professional, you can ensure your data is protected by up-to-date technology and systems ensuring compliance with HMRC and GDPR rules.
Processing payroll in-house demands significant time and attention and can be a drain on work hours and resources – it takes time to process each employee’s salary, make the payments as well as ensuring you have all the correct information.
Outsourcing your payroll gives you more time to focus on running your business and doing what you do best.
It is difficult for SMEs to train and retain reliable payroll staff which can lead to mistakes and penalties for non-compliance – there is always a risk that you may lose a key member of staff which can be difficult to replace.
Outsourcing payroll ensures you have the guarantee that your payroll will be processed by dedicated professionals who have the specialist knowledge, without worrying about staff leaving or being off sick. In addition, it is a more flexible option than hiring payroll staff.
Increase Employee Trust
Outsourcing payroll to a professional provider ensures staff are paid on time without any mistakes. This will create loyalty and respect from staff as they know their payroll will be accurate and any adjustments corrected accordingly.
It’s a fact that outsourcing payroll allows business owners to concentrate on their core business.
You can’t put a price on the peace of mind that outsourcing payroll brings to a business owner.
No stress – alleviate any stress knowing your payroll is being processed accurately and on time.
No worries – you’re not lying awake worrying whether payroll has been processed correctly and complies with the law.
No hassle – no more hassle ensuring that staff are trained and software is up-to-date.
At Horsfield & Smith we have a dedicated Payroll Bureau Service where we can manage and process your payroll using the latest technology to ensure compliance and accuracy.