15 April 2020

10 benefits of outsourcing payroll

10 benefits of outsourcing payroll

Many small businesses in Scunthorpe and North Lincolnshire are reluctant to outsource certain tasks, citing unnecessary costs as a reason for keeping things in-house. However, sometimes the benefits of outsourcing can outweigh the outlay of doing so – particularly if you’re in a rush to get your returns in order for the April tax year-end/payroll year-end. If you’re not already outsourcing your payroll, here’s 10 reasons why you should consider doing so:

1) Increased productivity

Don’t waste time keeping track of employee timesheets and overtime – use your time to be more productive and focus on turning a profit instead.

2) Cost reduction

Working with an external payroll provider could cost less than employing a full-time payroll department.

3) Avoid costly mistakes

Use a professional payroll accounting service to avoid getting your business in hot water with HMRC.

4) Expertise

Why struggle with payroll concepts when you can hire an expert to do things to a much higher standard?

5) Increased security

Payroll processing is potentially risky. If you don’t have the time to supervise employees that use in-house payroll software, it may be time to switch to a third-party confidential payroll provider.

6) Enhanced HR

Gain valuable insights and track metrics like paid time off, employee training records, employee history and more with a dedicated payroll solution.

7) Future-proof your payroll department

Keeping up to date with the latest payroll accounting software can be costly. Instead of upgrading your software on a regular basis, why not outsource your payroll accounting to a firm that is guaranteed to use the most up-to-date tools?

8) Never lose payroll expertise

If your dedicated payroll/accounting employee takes an extended break from work, you could end up losing their knowledge. With a third-party external solution, you’ll always have an expert to rely on.

9) Pension contributions

Ensure your employee’s pensions contributions are all sorted, and their auto enrolments for pensions are processed properly in line with government and HMRC legislation.

10) Complete peace of mind

With a professional payroll solution, the headaches associated with payroll processing are a thing of the past. All you need to do is provide the basic information, and your payroll provider will take care of the rest.

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