Payroll is one of those processes that is essential, but not critical to sales and business growth. This is why payroll can feel like a drain on work hours and resources – resources that could better spent in making money. Payroll is complex and payruns need to be made on a regular basis, so this function doesn’t just go away once it’s done. By outsourcing your payroll, you can alleviate those burdens and channel more of your time, energy and resources into your core business functions.
The cost savings of payroll outsourcing are proving highly beneficial. In the current economic climate, businesses are looking for more ways to keep costs down, improve their efficiency, and gain a competitive advantage.
Outsourcing your payroll also gives you access to payroll knowledge and processes that you don’t have internally. This means that you can rest assured that your payroll is securely and accurately taken care of every month. So as well as saving money on setting up payroll internally, you avoid costly payroll errors too.
In recent years, the Auto Enrolment Pension Scheme and Inland Revenue’s e-filing rules and requirements have piled on the pressure for SMEs to ensure the correct processing of their payroll functions. By outsourcing these administrative tasks, they can free up valuable time for employees to concentrate on primary business objectives.
By outsourcing your payroll, your business can dedicate more time and money to the more important functions whilst reducing costs in the long-term.
Benefits of Outsourcing Your Payroll
No matter the size of your business, outsourcing can help:
- Get time back
- Save costs
- Ensure security & compliance
- Get accurate payroll on time, every time