Running a small business comes with a lot of responsibilities, from managing your employees to keeping your finances in order. One of the most important aspects of your business that requires close attention is payroll. You need to make sure your employees are paid accurately and on time, and that all payroll-related taxes and regulations are properly taken care of. But managing payroll can be a time-consuming and complex task that can take your focus away from other important areas of your business. That’s why outsourcing your payroll can be a smart move. Here are some of the key benefits of outsourcing to a specialist payroll provider.
Why Outsourcing Your Payroll Can Help Your Small Business?
Save time and money
Very few small businesses have the luxury of a dedicated payroll department. Instead, the responsibility usually lies with a Finance Manager/Coordinator or in many cases the Managing Director. The process can be time-consuming, especially if the person in charge doesn’t have access to up-to-date payroll software or the knowledge of how to use it. If this sounds in any way familiar to your business, it might be time to outsource.
By handing over the keys to an expert payroll provider, you can focus your time and attention on other aspects of your business that require your attention. A specialist like Finesse Resources will ensure your payroll runs smoothly and efficiently, which will save your business money in the long run. After all, “Time is the scarcest resource, and unless it is managed, nothing else can be managed” (Peter Drucker, Management Consultant and Author)*.
Accuracy and compliance
Payroll processing requires a high degree of accuracy and compliance with complex tax laws and regulations. And if you’ve got any experience in managing payroll, you’ll know that those laws and regulations are constantly changing!
A reputable payroll service provider will have their finger on the pulse when it comes to HMRC’s myriad of rules and regulations. They’ll also have excellent attention to detail and will put processes in place to ensure that your payroll is paid accurately and on time every time.
Improved data protection
Outsourcing your payroll can also help improve your cyber security, which helps to protect the privacy of sensitive employee information and makes your business less susceptible to a cyber attack. By using the latest software to its full potential, payroll service providers utilise advanced security measures to protect your payroll data from unauthorised access and cyber threats. That’s peace of mind for you and your employees.
Digitalised service
Outsourcing your payroll means that you can benefit from the latest developments in payroll technology. For example, your employees can receive mobile payslips in advance of their salary being paid, and they’ll have instant access to important documents like their P60 and full payslip history, which are saved securely on an online portal.
Access to expertise
When you outsource your payroll, you gain access to a team of payroll experts who can answer your questions and provide guidance on payroll-related issues. This can be especially helpful if you’re just starting out or if you’re not familiar with the intricacies of payroll processing. Not only will they handle the day-to-day running of your payroll, but they’ll be on hand to assist you with any more complex matters, such as the filing of P45 and P6 applications, year-end processing and regular payroll audits.
How to choose a payroll provider?
Cost is an important factor when it comes to choosing a payroll partner, but it’s not the be-all-and-end-all. Do your research and read reviews and customer testimonials. These are the best way of establishing the level of service you can expect to receive. It’s also a good idea to look for a payroll provider that is CIPP (Chartered Institute of Payroll Professionals) accredited. This will give you the peace of mind that you are working with a team of experts who have the latest training and qualifications in payroll, pensions and rewards.
