Payroll is an essential business process, but also one that can be very complex, time-consuming, and not to mention costly if mistakes are made from incorrect procedures, resulting in sorts of headaches for business owners.
This is why there are many benefits to outsourcing your payroll, allowing you to do what you do best; focusing on, and growing your business. Below we take a look at some of those benefits.
Reasons for outsourcing your payroll
Depending on the size of your business, outsourcing your payroll can be a huge cost-saver in the long term by not having to employ a dedicated person or payroll team.
In addition to the cost of staff salaries, there are many other areas that you can cut costs by outsourcing your payroll such as:
Late filing of forms or errors on your payroll can also lead to hefty and expensive fines from HMRC.
Expertise and Compliance
Payroll is a major business process that is critical to get right, but a lot of small companies often assign unqualified employees to process their payroll in addition to their other job responsibilities. Problems can also arise if the dedicated payroll person is sick or absent. By outsourcing, it allows your staff to focus on their level of expertise which, in turn, will help your business to grow and succeed.
Payroll can be a very complex task and mistakes can result in serious fines and fees from HMRC. When you outsource your payroll to trained professionals, they will know all the ins and outs of payroll-related tax laws and also be aware of any new government legislation so you can be secure in knowing you are compliant.
Processing your payroll can be time-consuming and stressful even if you have the knowledge. There are always different situations and scenarios with employees that can easily change from month to month. By outsourcing your payroll, you will have a team of highly skilled payroll specialists handling your payroll who can deal with any complex processes accurately, and in a timely manner, so you can be confident that staff will be paid correctly and on time.
When dealing with confidential payroll information in-house, there can be many security risk factors to consider, such as, a disgruntled employee leaking confidential information, or phishing emails and cyber attacks.
When you outsource your payroll, you can ensure that your sensitive data is protected by the latest payroll software technology that can detect and alert customers to various types of payroll fraud.
“We outsourced our payroll to Blue Spire with a view to it being a temporary arrangement whilst we recruited a new payroll manager. However the service provided has proved to be very efficient and cost effective to the point where we decided not to recruit and continue to use Blue Spire.”Andrew Balchin, Proclean Cleaning Services Ltd
At Blue Spire we offer different payroll services depending on your company’s needs or size so you are not paying for any services that you might not use.
For example, we can manage sickness or holiday for your employees on your behalf, or you may prefer to record this information in-house. We can also process and administer pensions.
The key to these services is that not only does it gives you peace of mind that your payroll is in safe hands, it gives you time back to do what you do best which is running your business.
|If you’re not sure about which of your payroll areas need help or would like to speak to someone about outsourcing your payroll, then please get in touch with our team today.