Payroll is an essential part of any business, at the end of the day, people want to get paid! Getting the process accurate and on time is important in keeping and boosting employee morale – payroll is how you reward a team, compensation for the work that they have done.
Many small business owners try to manage every aspect of the running a business, whether that be ‘in’ or ‘on’ and often this can come to the detriment of efficiency and productivity. It can sometimes be hard to let go of the reigns and allow someone else to be part of the process but doing so can be extremely cost effective and provides more time to focus on other parts of the business that the owner really enjoys.
Outsource payroll and realise these 5 benefits for your business:
Large organisations have the resources and means to be able to afford a payroll department. However, that is not the same for smaller, independent businesses. The calculation of what an employee costs, and the resources, equipment, training, software etc that they will require can far out way the cost of outsourcing.
Payroll is not a job that can be done with no experience, it requires a trained, knowledgeable and experienced professional who knows what needs to be done. They will also need to be up to date with the latest legislation and tax information that goes alongside payroll services. The cost of training an in-house person and keeping them up to date may not be something that is most cost effective in a small business. However, a payroll provider is fully versed in everything that is required in order to stay on top of providing a first-class accurate payroll system. They will also be providing the service for more than one client and therefore their resources are much more cost effective as their focus is your business.
By outsourcing payroll you will be guaranteed that everything is completed on time. Need weekly pay checks? Looking for monthly reporting? Everything will be provided as you require it – and on time. There’s no messing around with trying to fit it in and around other parts of the business, it’s there when you need it.
Data protection is extremely important but especially when you are dealing with financial data. If you have protection in place to keep data secured, you can be assured that a payroll provider will have excellent protection also, meaning that you company data is double secure.
Gone are the days where everything was done in paper format or on a spreadsheet. With the MTD (Making Tax Digital) initiative being rolled out, everything needs to be done in a digital format. Therefore, in order to perform payroll services a business will need the technology required to complete the job. This is something that a payroll service provider would already have readily available, and for small businesses, it’s not always something that is cost effective to invest into.
However big or small your business is, payroll has to play a part of the whole picture and it’s worth evaluating what would work best for your individual business.
Here at Kara Accountants we offer payroll as part of our service packages and would love the opportunity to discuss your requirements, please get in touch. We look forward to hearing from you.