Why should you outsource payroll?
Managing your payroll properly is essential to keep both HMRC and your employees happy. But with only so many hours in the day, taking on the task alone may not be the best use of your time as a busy business owner.
Outsourcing your payroll to an expert outside your organisation won’t just save you time — it’ll also make your life easier. Here are some of the advantages of outsourcing payroll.
Save time
Focusing on running your business can be challenging if you’re snowed under with processing tasks like payroll. Handling a large workload can even infringe on the time you’d rather spend with family.
One major advantage of outsourcing your payroll is that it can significantly reduce your administrative burden. With payroll off your plate, you can dedicate more of your time to meeting business goals and providing outstanding services to your customers. It’ll also be easier to relax outside of your usual work hours.
Reduce costs
While there are benefits to hiring someone in-house, outsourcing your payroll to experts outside your organisation is often a more cost-effective solution.
You won’t need to worry about the expensive recruitment process, training up a new starter or purchasing specialised payroll software. Outsourced providers can tailor their payroll services to your business, so you just pay for what you need.
Stay compliant
As a business owner, it’s your legal responsibility to administer payroll correctly. However, staying compliant often requires an in-depth understanding of constantly changing legislation.
An outsourced payroll provider can help you meet your obligations. It’s their job to stay up–to–date with rules and regulations that affect your payroll so you can focus on what you do best.
With experts on the case, you’ll significantly reduce the risk of penalties or missing deadlines.
Improve accuracy
Managing payroll can be complicated, particularly when you provide benefits-in-kind to your employees or need to account for factors such as pension contributions or student loan repayments.
And with so many responsibilities to juggle as a business owner, you could rush and make costly mistakes on your payroll.
Working with payroll specialists can minimise this risk. A quality outsourcing provider will be well-organised and dedicated to accurate and timely payroll management.
They can also use payroll software to automate many routine payroll tasks, so you don’t need to rely on the human errors associated with manual processing and data entry.
Increase data security
Outsourcing your payroll may also be more secure. Running your processes in-house can make you vulnerable to risks such as identity theft. You’ll also need to consider the safety of your server network.
Meanwhile, any outsourced provider worth their salt will use secure cloud-based software to process your payroll. End-to-end encryption and electronic invoices can help protect your sensitive data and allow you to easily trace any errors.
Software costs will usually be included in the payroll service, so you won’t need to worry about paying for and managing your own systems.
Get access to expertise
One of the best things about outsourcing payroll is that it gives you access to expertise. While your payroll provider will work remotely, they can answer any of your questions and concerns quickly, making them feel like an extension of your team.
There may be further benefits to using an outsourced payroll provider with experience in your industry. For example, we can assist contractors with registering for and implementing the construction industry scheme.
At Hamilton Morris & Waugh, we provide tech-led payroll services with a personal touch. We’ll give you peace of mind by taking the payroll burden off your shoulders. And if you need to discuss any part of your payroll processes, we’ll be just an email or a phone call away.
Interested in outsourcing your payroll? Get in touch with us today to find out how we can support your business.
