5 Benefits of outsourcing your company’s payroll

Employees count on receiving wages on time in order to live, making payroll an extremely important aspect of any business. 

Payroll entails much more than simply signing a piece of paper. It involves everything from payroll numbers to income tax, national insurance, company pensions, pension auto-enrolment and statutory payments as well as providing P45s and P60s making it a complex task.

Keep reading to learn why you should consider outsourcing your company’s payroll.

1. Time management

You could potentially manage payroll yourself. But this could take significant amounts of time away from your primary job role and may keep you working longer hours with less productivity.

Outsource your payroll to save you time. Payroll specialists can quickly navigate the ins and outs of this task.

They keep track of new hires, process hours for each employee, manage PAYE, and deal with taxes and HMRC. This allows you to focus your efforts where the business needs them most.

2. Lower costs

You could incur costs to buy all of the necessary software and properly train an employee to conduct the task. Plus, you may end up paying them overtime to keep up with everything.

Outsourcing payroll management to an accounting firm could be the answer. Staff trained in payroll will ensure the task is completed efficiently which will save you money in the long-term. And, you will benefit from years of expertise and a team of people.

3. Payroll number security

“Should I outsource payroll?” 

When asking this question, think about the security of those who work for you. A cybersecurity breach can devastate a business when it comes to this function.

Employees trust you with their home address, bank account information, and national insurance numbers.

Payroll companies prepare and keep an eye out for potential cyberattacks. They utilise technology that detects and alerts them to suspicious activity. These services also use top of the line payroll software enabling secure visibility of data and data storage that keep employee information safe.

4. Accessibility

Both management and employees may need to access their payroll information to update information or check for errors.

When you outsource payroll, look for an accounting firm that has invested in a payroll software solution that allows you to access your own dashboard. This makes it easy to view all of your payroll reports, manage benefits, review payslips and manage employee data securely.

Once activated, your employees also receive access to a self-service portal where they can view their payslips on a secure smartphone application such as Brightpay that they can download for free from the App Store.

5. PAYE on time

When you outsource, your payroll service provider will submit payroll to HMRC on time. You will benefit from their expertise and understanding of regulations and deadlines.

Your payroll provider will advise you on how much to pay your employees and when you should pay your PAYE.

Payroll Oxted

Looking to save your business time, money, and stress? Outsource your payroll! This will make everything from tracking a payroll number to properly filing your company income tax flow smoothly.

We offer accountancy services to help your business manage everything financial, including bookkeeping, payroll services, audits, and more. Let us help you navigate this complex but crucial business function. Contact our accountants in Oxted to get started!