Is it costly to outsource payroll in the UK?
If saving money and time is a key priority for your business, then outsourcing payroll can support that goal. You can entrust our team of experts to compliantly and confidently manage your payroll delivery, whilst minimising costs associated with running a business by reducing overheads. We deliver payroll solutions that eliminate costly errors and mistakes.
HMRC penalties can creep up on small businesses that struggle to operate a timely and accurate payroll solution. From incorrect to absent information, or missing deadlines, an incompliant payroll operation can attract negative attention and cause unwanted fines.
After an initial setup cost, which is dependent on the size and complexity of your business, we can deliver a payroll option that flexibly supports your goals and helps save you time and money.
Better yet, after the initial set-up, there is a fixed per payslip fee, which means that costs are predictable. Typically, if you’re after a cheaper option, then payroll bureau can offer similar services to outsourcing.
Do I lose control?
Losing control is a common anxiety for business owners. You’ve built, nurtured and grown a business from its earliest hours. That’s why we understand that control is important to our payroll partners.
Yet, with an outsourced option, business owners don’t have to worry about losing control. IRIS FMP offer full transparency and we will give sole traders and self-employed workers full visibility of their payroll. This happens through routine reporting, which can be requested at any moment.
What if I don’t have the time to organise it?
Sole traders and self-employed workers are often busy with business, which doesn’t leave a lot of time to think about transitioning their payroll. Yet, swapping to a payroll expert can actually be a strategic advantage for sole traders and self-employed workers. IRIS FMP have a reputation for helping clients make a smooth transition over to our pain-free payroll system. Our procedure for new clients is designed to minimise time and maximise efficiency, allowing you to free up focus on work.
How does it reduce errors?
Expert payroll delivery means that your operation will be compliant and timely. Outsourcing the payroll function of your business is designed to remove costly errors and inaccuracies, by lifting the administrative burden of your busy team.
It’s always helpful to have a dedicated payroll manager to hand, who will ensure your operation is delivered punctually and with minimal errors.
Taking on an employee
Sole traders can legally take on an employee, but only when legal requirements and best practice are compliantly observed. Get details on best practice from an expert like FMP.
What happens with my data? (If I employ staff)
When outsourcing your payroll, you will have to handover business information about your staff to ensure accuracy, including rates of pay and bank account details.
When it comes to confidentiality and the safety of data, it’s only as guarded as your office. If your office lacks security, then your data may already be more compromised than you think. That’s why outsourced payroll is often associated with greater data security, because an impartial third party looks after it.
What if I experience issues?
Ad-hoc challenges and issues can seem like an occupational hazard when you’re a sole trader. When you’re involved in a business, it can be useful to have a helping hand. By outsourcing your payroll, you can create more time and focus on business, whilst we manage the rest. At IRIS FMP, our time of experts are a phone call away to help deal with any unexpected issues or offer advice when it matter most.
What about disruptions to my business?
At IRIS FMP, we help seamlessly transition from your old system our new one. This is achieved through a complete requirements check, before tailoring a system that suits your needs. We won’t activate your payroll until it has been tested and balanced to perform in perfect harmony with your business or job.
In the long term, any ongoing disruption is contained and minimised by our dedicated professionals. Outsourcing is a payroll solution designed to aide a business’, or employees, productivity and operational efficiency.