Regardless of your company’s size, outsourcing your payroll duties is essential if you wish to expand your business by spending less of your day on time-consuming payroll administration and more on areas of your business in which you can really make a difference.
For some, the idea of spending money in an area in which they can, admittedly, deal with by themselves doesn’t make sense to them. This is a perfectly valid view, but we believe that when you outsource your payroll administration duties to an accountant you receive far more than a simple service-rendered; such as which the following points demonstrate:
You’ll Regain Your Focus
Your core business focus isn’t to administer payroll for your company. Though your company payroll is, of course, something that needs to be dealt with, this isn’t an area which is going to help push your company forward in its industry.
For this reason, when you outsource your payroll administration you increase the number of your own, focused hours which you can now put to better use elsewhere.
You’ll Gain Diversified Payroll Experiences
When you outsource your payroll to an accounting firm with a dedicated payroll team you can be sure that your company’s payroll will be dealt with by individuals with diversified experiences in this area, as they have worked for everybody from small family businesses to much larger organisations.
These diversified experiences create enhanced knowledge and skills in this area that allows your accountants to complete your payroll sooner, saving you money.
Fast, Professional Payslip Production
Whether you hire an accountant to complete a one-off payroll exercise, or indeed take over your entire payroll administration process, when somebody is doing your payroll processing and reporting for you you’re also going to want them to provide you with fast, professional payslips for your employees.
Through you can create these payslips yourself, an accountant has access to a greater number of payslip templates and knows exactly how to put them together.
National Insurance Contributions are Simplified
Nobody likes having to figure out how to pay National Insurance Contributions (NICs), whether you had to sort out your own back in the day, or you have to figure out what each of your employees owe now.
When you hire an accountant to undertake your company’s payroll administration, not only will they administer your employee’s PAYE, they’ll also deal with all of their NICs, as well as processing necessary statutory pay.
Full Year-End Payroll Services
The end of each accounting year is a great time to look over your previous year’s staffing costs to see if everything was in order, and to look ahead towards the new tax year to see whether you can’t save on staffing costs in one area or another.
Your accountant will complete your year-end reconciliations before making a summary of the previous year, and offering an analysis of the current state of your staff costs, and what you can potentially do to reduce them.
Outsource Your Payroll Administration
To speak with a professional to discuss outsourcing your payroll administration to an experienced accounting team working in this area, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.
This blog is a general summary. It should not replace professional advice tailored to your specific circumstance.