What are the benefits of using an outsourced payroll service?
As suggested, outsourcing payroll services for businesses is growing in popularity by the day with more companies opting for this efficient option to ensure that their payroll is as accurate as possible.
So, why are so many companies choosing this option? And is it worth outsourcing your payroll as opposed to your other options? Below are just a few of the benefits of using an external payroll service:
For every business, the ideal is to optimise the amount you spend to ensure maximum profits are gained. Using an outsourced payroll provider is much cheaper than the other options for your managing your payroll.
Using a professional external provider saves you from hiring many payroll assistants, because using a company that specialises in payroll means it will take a much shorter amount of time to complete. In any business, time is money and putting your payroll with the right external partner will not only save a lot of time, but will save you a lot of money in the process.
Taxes filed correctly
Last tax year, HM Revenue & Customs fined over 28,000 people for incorrect tax returns, and that figure appears to be growing on a yearly basis, possibly due to the complexity of what is required.
If your business’s taxes are not filed correctly or are late, you will incur fines, which can get pretty hefty, and if this is a regular occurrence, your fines could increase even more drastically, meaning that you will be unnecessarily spending money where you shouldn’t be. In worst case scenarios, you could even end up owing a lot of money you didn’t know about, and having to pay it back at a later date when you may not have the finances due to other investments.
With the use of a professional provider of payroll, you can be sure that your taxes will be filed correctly and on time.
Stress free for the business owner
For the most part, when the end of the tax year comes around and all the accounts have to be tied up, the business owner is under a lot of stress to ensure that everything is in order. The books have to be up to date, P60’s need to be organised, and preparations for the new tax year need to take place. However, if you have the confidence that everything is dealt with properly, this time of year need not be such a worry.
Increase employee satisfaction
Outsourcing your payroll to a specialist payroll provider means that it is unlikely any errors will occur, meaning that you can ensure employee satisfaction all round in terms of them obtaining the correct payments on time from your company. This creates a good example for your employees in terms of reliability, and they will be able to sort out their financial commitments accordingly, able to rely on you to pay them correctly as promised.
Your employees will also be more committed to you if you pay them regularly and keep on top of their payments. This means that they are less likely to leave, and will be better, more efficient workers for you.
Here at Payroll.co.uk, we have an easy system to get your payroll system up to date and back into the 21stcentury. We use fully HMRC approved software, ensuring that all the correct procedures are followed for you to sit back, relax and be sure that everything regarding your payroll is under control with us.
All our processes are completely compliant with legislation; and we can ensure that yours are too on your behalf. We take your business just as seriously as we take our own, assuring that all your details are correct, up to date and on time, and guaranteeing a stellar service.
We can assure you that we take your data security just as seriously as you do; we know how important it is for your company information to be treated very carefully, with full protection and maximum security, and you can rely on our total trustworthiness.
Whilst you can rely on us to take the reigns on your payroll, you still retain your complete visibility and control of your reports.
We take the stress out of your payroll, ensuring that your staff are paid on time, every time and everything runs completely smoothly.
When outsourcing your payroll to Payroll.co.uk, you can be assured that all the vital financial tasks are dealt with and in order, leaving you to focus on the thing you signed up for and are best at: running your business.
Contact us today to get the process started; we can get you set up on the same day and we’ll have everything running smoothly instantaneously.