Benefits of outsourcing payroll to an accounting firm

Payroll is an important function but can be exceptionally time consuming for a business to manage in-house. As a business owner you already have enough to deal with to implement your business development strategy to grow your business, manage remote working employees and keep on top of all the new legislation to run your business efficiently. 

Payroll complexities 

As businesses grow, so do the accounting tasks. As a small business owner, you may have been able to manage your finances but as you scale up, you may have found that this process becomes more time consuming and more complicated when it comes to employees’ pay. 

Potentially, each employee will have different payments and deductions due because of salary, tax codes, pension contributions, student loan payments, fuel deductions amongst just some of the factors to consider. But, without fail, all need to be handled accurately.  

Challenging times  

How payroll is administered continually evolves. Technology today enables a swift and transparent view of accounts. Suppliers and employees are all paid online helping business owners manage finances. But these unprecedented times as a result of COVID-19 have provided huge challenges in all walks of life.  

Understanding all the government grants, schemes, regulations and associated deadlines is crucial to not only benefit your cashflow and ensure you’re not overpaying taxes, but also for the wellbeing of your staff.  

Business owners are dealing with many initiatives including furlough and phasing employees back to part-time or full-time roles. This is where outsourcing payroll processing can ensure staff are paid on time and all necessary National Insurance, tax, government workplace pension scheme contributions, and government furlough payments are calculated accordingly and correctly.  

An accounting firm with a dedicated team of payroll professionals will know all the latest rules that may affect your business. The team can become your business support as they flag when deadlines are looming or highlight changes that may affect your annual accounts and impact payroll.  

Outsourcing payroll benefits 

Knowing that you are following all the right procedures is essential. By employing an accountancy practice to conduct your payroll means you can benefit from a team of consultants. Once you give them the necessary information, you don’t have to think too much about this during the rest of the month.  

An outsourced payroll team will navigate all the complex areas of filing payroll submissions to HMRC and ensure this is done on time and correctly. 

At the end of the tax year you can leave this to the outsourced payroll team to deal with P60s and during the year any new starters or leavers will be processed promptly, P45s issued and HMRC advised. 

They can also administer auto-enrolment pension duties when employees become eligible producing the associated advisory letters; checking deductions are calculated correctly each month in line with the scheme and any changes implemented. As well as the upload of the monthly contributions to the pension websites. This is another important but time-consuming process which is where outsourcing can prove beneficial for businesses.  

As digital transformation of businesses progresses quickly, an online payroll service could be the solution to free up your time, provide cost efficiencies and really benefit your business long term. 

Payroll services  

We understand that while some payrolls stay the same with set salaries, tax codes and national insurance contributions, some payrolls may vary. As such we offer a tailored payroll service.  

Our software transforms your payslip delivery ensuring that all payroll communications are GDPR compliant.  

Our specialist team of payroll and accounting consultants will manage all your financial requirements allowing you to concentrate on running your business to its full potential.  

We work remotely with companies across the UK providing outsourcing services including payroll from our offices in Oxted, Surrey. Book a consultation to talk to us about a managed payroll outsourcing service for your company.