The benefits of outsourcing your payroll

The benefits of outsourcing your payroll

For most business owners, whether they are setting up their first business or an established company. The prospect of having to deal with the complexities of payroll and pensions can be quite a headache. That’s why a lot of businesses decide to outsource this to their accountants.

Payroll these days is not just about working out the Tax & NI and paying staff, you need to have up to date knowledge of the ever-changing legislation. Over the last ten years’ payroll has become more demanding with the introduction of Real Time Information (RTI) that HMRC require after every pay period. Auto Enrolment (pensions) for all business is now a requirement and hefty fines for any businesses that don’t comply. GDPR also dictates how you transfer sensitive documents to your staff and can be a concern too.

Advantages of outsourcing your payroll

As a business owner, your time and energy should be devoted to building the business and ensuring that your skills are fully utilised. Let’s look at some of the advantages of outsourcing your Payroll.

• Knowing that a team of ‘experts’ will be handing your payroll needs every pay day.
• Having a dedicated payroll team member to ensure 1-2-1 connection and to answer queries.
• Saves you having to invest in payroll software, training, and the worry of ‘is it going to be processed correctly’ therefore reducing the risk of getting it wrong and upsetting/losing staff.
• Saving you time and money in the long run.

What a payroll bureau can offer

There are many more we could list but it’s safe to say, outsourcing your payroll would take away any worries and a payroll bureau would be able to:

• Contact you each pay period to ask you if you have any changes to make.
• Ensure the payroll is processed correctly, on time every time.
• Advise you how much you need to pay your staff and HMRC.
• Provide secure, clear, and easy reports for you to understand everything being processed.
• Prepare electronic payslips that are securely sent to staff each pay period.
• File all your RTI requirements to HMRC to save any potential penalties.
• Assist you in setting up your Auto Enrolment pension scheme.
• Manage your pension scheme once set up, ensuring the correct contributions are taken.
• Upload your pension contributions to your pension provider each pay period.
• Complete your Declaration of Compliance (DoC) with The Pensions Regulator (TPR) in a timely manner to avoid any fines.
• Deal with HMRC on your behalf in relation to any PAYE issues.
• Ensure that Statutory Payments such as SSP, SMP, SPP are processing correctly.
• Administer Attachment of Earnings Orders (AEO’s) on behalf of the company and its staff.

You can see from all the benefits payroll outsourcing offers, that handing over the responsibility of payroll each month can be a real no brainer for most business owners. If you would like to know more about how we can help with all your payroll needs, please contact our offices in Chester, Wirral and Liverpool for an informal chat.