Business owners need naturally to juggle many things to keep a business growing and thriving. Dropping any one ball can have a detrimental impact on the business, its customers or clients and staff.
Businesses, however, are very good at outsourcing those parts of the business they either don't enjoy, that are complex or just easier to pass on to someone else. One area that can easily and cost-effectively be outsourced is your payroll.
Managing payroll is now surprisingly complex and changes regularly. It is made more so by the complex tax landscape, the interaction with benefits, and the deductions, incentives and contributions employers often make.
Yet it is vitally important businesses get it right – your staff expect that you do and so does HMRC.
Here are five reasons why your business might want to outsource its payroll to Hillier Hopkins.
- It saves you time
Managing a payroll, even for a small group of employees can be time-consuming. Whilst the use of accounting software can make managing a payroll easier, it still demands considerable time each week or month to ensure that staff receive the right amount without any unexpected surprises. Outsourcing your payroll will free up a lot of time every month.
- It is scalable
As your business grows, so can your outsourced payroll function. We can quickly add new members of your team to the payroll, ensuring all the right documentation is in place. So too when a member of your team decides to leave.
- Regulatory compliance
The burden of compliance on all businesses is increasing, and payroll is no exception. Having to understand and implement changes and meet that compliance burden is time-consuming, complex and costly. This is, understandably amplified when a business has employees working in different countries.
- Underpinned by expertise
Payroll regulations, tax laws and accounting principles are complex and change regularly. For large businesses with well-resourced finance functions that may not cause a problem, but for smaller or rapidly expanding businesses that can cause real challenges. Hillier Hopkins can draw upon the expertise across the firm without having to hire any additional staff.
- Saves you money
Outsourcing payroll is inexpensive, typically charged on a per-employee basis. But when taking into account the cost of hiring and training staff to manage an in-house payroll, it will almost always represent a saving to the business.
Outsourcing payroll is one of the easiest and most cost-effective steps a business can take, rest assured that compliance is met, and staff get paid the right amount, and your accountancy firm is the perfect payroll partner.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
