Can we afford it?
SMEs quite sensibly try to minimise unnecessary overheads, by doing as much work in-house as possible to help keep down costs. But in fact moving to payroll outsourcing can save companies money. They won’t need to pay admin staff to run the payroll, and they won’t have to buy and manage payroll software. They also protect themselves from the ever-present risk of incurring an HMRC penalty of potentially hundreds of pounds. Although there is an initial setup cost, this is relative to the size and complexity of the payroll – so getting it set up while the company is still small can be a good value route. Once set up, there is a fixed per payslip charge which means payroll costs are predictable. If there is a need to keep payroll outsourcing costs to a minimum, a payroll bureau option is cheaper than a fully managed option.
Won’t we lose control?
Many small businesses worry that they will lose control over their payroll if they outsource. But with FMP Global you retain all the visibility and control you want. You will be provided with regular reports as standard, and you can request additional reports at any time. If you choose the bureau service you will have direct access to the software and can run your own reports whenever you like. The bureau service also means you keep control over data entry and can still operate any internal checking or auditing procedures prior to data entry. In addition, you have access to a dedicated Payroll Manager who can respond to queries or problems straight away.
What if I don’t have the time to organise it?
Many small and medium businesses are so overwhelmed by running the business on a daily basis that they don’t feel they have the time to think about making strategic changes to the payroll system. At FMP we have an established procedure for bringing on new clients, which is designed to minimise the time you need to personally spend making the transition. And moving to payroll outsourcing will save you time in the long run.
What about my data?
Outsourcing your payroll will entail giving employee payroll information to your payroll provider i.e. rates of pay, bank account details etc. And this can raise questions about confidentiality and data protection. But how safe is your employee data right now? If it’s sitting on a computer in your company’s office, it is only as secure as your office. Not only that, the people authorised to see that data, are also company employees who will very likely know your other employees personally. In fact your employee data can be even more secure when kept by an impartial third party with stringent server security in place.
Can you respond quickly if something needs sorting out?
Many business owners like to have someone in the office who is on hand to deal with problems as they arise. But depending on a single person can mean you actually have less control over sorting out problems quickly. People go on holiday or have days off sick. They also have lunch breaks or need to go home suddenly in an emergency. By outsourcing you avoid this dependence. At FMP we have a large team of professionals to call on to help deal with any problems, and you will be assigned a dedicated Payroll Manager who you can call at any time. This means there will always be someone there to talk to and start work on resolving your issue straightaway.
Won’t changing what we are doing disrupt our business?
At FMP we try to make the transition to outsourcing as painless as possible. We carry out a complete requirements capture and then build your system. When it is ready we carry out extensive testing alongside your existing system to ensure it is running correctly, before switching you over to the new system. Once the new system is running, any teething problems or future issues are the problem of your payroll provider to sort out. So while there may be some initial disruption, you will ensure much less ongoing disruption due to payroll problems in the future, which all means better focus on running your business.