Futureproof your business with outsourced payroll
For small to medium businesses, payroll can be time consuming when this task is managed inhouse. This means less focus being placed on running your business and implementing your business development strategy. Reviewing whether you outsource payroll could be a key element in your business growth strategy.
Here’s how outsourced payroll can help your firm’s business growth plans.
Benefit from payroll expertise
Outsourcing payroll means you will work closely with professional experts in their field. An accountancy practice with payroll specialists will already know the regulations. They can help you complete the required forms and help keep you on track to meet deadlines and ensure your employees are paid on time.
Your outsourced payroll company will process weekly, monthly or annual payrolls; calculate payments for your new starters and any leavers; whether your staff have regular salaries, or differing hours they will ensure any additional payments, deductions and statutory payments are dealt with in accordance with HMRC rules, confirm the amount of PAYE due and when it should be paid and ensure your payroll data is submitted to HMRC in the correct format and on time. If there are any issues to be resolved, they will be able to liaise with HMRC on your behalf.
These are all very important tasks that need a good deal of time and focus to implement which can impact on your day-to-day role of running your business.
Pension auto-enrolment
Pension auto-enrolment can also be managed with outsourced payroll. A payroll expert can arrange to automatically enrol employees into the company pension scheme when they become eligible. They can produce the associated advisory letters; check deductions are calculated correctly each month in line with the scheme and apply any necessary changes.
Secure visibility of payroll
Technology allows business owners to remain in control of outsourced payroll due to cloud based payroll software solutions available which provide full visibility of payroll reports and employee data.
The cloud-based software solutions that an outsourced payroll company uses allows an employee to activate their own secure account to receive access to a self-service portal. This allows employees to view real time information including payslips on desktop devices and usually a secure smartphone application.
The cloud software solutions can provide data security and privacy as well as ensure that all communications are GDPR compliant.
Payroll companies also prepare and keep an eye out for potential cyberattacks by utilising technology that detects and alerts them to suspicious activity.
Payroll Oxted
Looking to save your business time, money, and stress? Perhaps it’s time to outsource your payroll system. We work directly with individual business owners, small to medium enterprises as well as HR departments in large businesses to implement payroll solutions that are right for the company.
We offer accountancy services to help your business manage everything financial, including bookkeeping, fully managed payroll services, audits, and more. Let us help you navigate this complex but crucial business function. Contact our accountants in Oxted to get started!