Growing your small business from one man band to employing staff is a big step and it's understandable to feel daunted. You didn't set up in business to spend your spare time calculating payroll and worrying that you're meeting your obligations as an employer. It can be confusing, time consuming and mistakes can be costly.
If you want to maintain payroll compliance, peace of mind for you and your staff whilst staying ahead of any new red tape or reporting deadlines, then outsourcing your payroll is the answer.
We've put together 8 benefits of outsourcing your payroll to a professional payroll provider:
COST
Larger businesses can afford and need to maintain payroll departments. For small businesses however, an in-house payroll service can be a significant money burner. If you calculate the hours you or a dedicated employee spend on payroll-related activities, plus payroll software costs, training, printers, printing and distributing payslips, creating tax documents etc, you would be pleasantly surprised when you compare that to the cost a payroll service provider can offer.
EXPERIENCE
Certain types of employment can lead to complicated payroll structures. A reliable and professional payroll service provider will know all the ins and outs of payroll related tax laws and latest government legislation. Leaving you to get on with running your business.
SPEED
Payroll service providers are specialists and can process even the most complex payrolls with great speed and efficiency, providing a quick turnaround time on your payroll when required.
RELIABILITY AND CONSISTENCY
In-house payroll is only as reliable as the people doing the work. With a payroll service, the delivery, speed and quality won’t vary in accordance with disruption from holidays and sickness. There is always a risk that you may lose a key members of staff that deal with your payroll and all their knowledge goes with them. You could find it difficult to replace them, causing a logistical nightmare come payday. In addition, You won’t have to train new staff or help them to understand your payroll system.
ACCURACY
Payroll mistakes can be costly, upsetting and stressful. A reliable and experienced payroll service provider is far less likely to make a serious error than you or in-house staff, as they have expertise, knowledge, software and checking procedures in place. By the very nature of a specialist payroll provider, they have the expertise and awareness to ensure small businesses like yours are compliant with new payroll legislation. This not only helps your business to move forward, it helps you to avoid costly penalty fines.
FLEXIBILITY
A payroll professional can offer small businesses a complete payroll package in which all your payroll requirements can be met. With outsourcing, these packages are often flexible to meet your specific business, only pay for what you need and can add on any services as you grow.
SECURITY AND CONFIDENTIALITY
Can you really be confident that your system is secure and your employees data is kept safe? Do you have the time and energy to regularly supervise your payroll for time and rate abuses and other negative activity? A professional payroll provider will have technologies that can alert customers to various types of payroll fraud - invaluable to an SME.
HASSLE AND WORRY FREE
Ultimately, there’s a lot to be said for the peace of mind that outsourcing payroll services can bring to a small business owner. No hassle, no stress, no worries, leaving you to focus on doing what you do best - running your business knowing you payroll obligations are dealt with correctly, efficiently and in compliance with the law.
Outsourcing your payroll to a professional service should also come with a friendly team who can answer any questions you may have about your payroll so you can rest easy knowing everything is in hand.
Purple Accounts Isleof Man has years of experience and expertise as a payroll specialist for SMEs and we can look after all your payroll process and deadlines.
For a free initial chat on our payroll service, send a message via the Messenger app below or get in touch here