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The benefits of outsourcing your payroll

For any size or type of firm, taking care of payroll is important. After all, your employees need to be paid in time to stay engaged and motivated.

Given the importance of getting your payroll right, it makes sense to use a professional to take care of it for you. Here are some of the benefits of doing so:

Ensures all taxes are paid on time

The government also expects you to pay your employees’ tax and National Insurance contributions on time, and in full. Mistakes have to be avoided to prevent issues with the taxman.

It is all too easy to miss something and end up owing HMRC money. Being fined for not, paying the incorrect amount of tax or National Insurance contributions is something no firm can afford.

No need to worry about changing regulations

Letting an accountant take care of your payroll also frees you from the need to worry about changes in employee and tax regulations. Your accountancy firm should look after all of that for you and keep everything up to date to comply with any changes. This means that you do not have to spend time re-training payroll staff, or updating or buying new software for them to use.

Economies of scale

Many firms that outsource their payroll find it cheaper to do so. Not having to pay the wages, holiday pay, employee tax, and maternity leave for payroll staff can be a big saving. Add in the fact that you will not have to provide PCs and software, and you can see how employing a firm of accountants to do your payroll for you can work out cheaper.

Peace of mind

Taking this approach ensures that nothing is missed. It allows you to get on with marketing your products and services, knowing that you are never going to have issues with your payroll.

What to look for in a provider

If you are considering hiring someone to take care of your payroll, here are a few things to look for:

Relevant experience

You need to look for a firm that has the right background. In other words, you need an accountant that already runs payroll for other firms.

Clearly explains their service

It is important to call upon professionals who explain the service you are buying clearly. You need to understand how much the service costs, what is included, and how many staff members the service covers.

As you can see, outsourcing payroll has various benefits. Potentially, it will save you time, money, give you peace of mind, and keep both the tax authorities and your employees happy.

Posted by Peter
May 11, 2015

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