Payroll is complex and time-consuming. You need to calculate and process employee wages and taxes, maintain records and ensure you’re compliant with legal requirements. To take the pain out of this task, consider outsourcing payroll to a professional payroll service provider. This will save you time and resources, so you can focus on running your business.
If you’re thinking of hiring a payroll expert, contact MW Accounting Services. We offer payroll in Milton Keynes and the surrounding regions. As top-rated chartered accountants in Milton Keynes, you can trust that your payroll is in safe hands with us.
What is payroll outsourcing?
Payroll outsourcing is a service offered by a company that provides legal, tax and accounting support to ensure employees receive their pay on time and accurately. By hiring a professional to take over your payroll, it relieves you of a huge administrative burden. In this blog, we will outline the advantages that are to be gained by outsourcing your payroll rather than keeping it in-house.
Top Seven Benefits of outsourcing payroll
1. Professional team of experts
Payroll isn’t straightforward. There are many complicated payroll structures and scenarios. With various employee working hours, different salaries, overtime, bonuses, sick pay, statutory pay and more, it isn’t an easy task by any stretch. A professional payroll team will know how to deal with any intricacies that a small in-house team may not have come across before. They will know the ins and outs of bookkeeping and payroll-related tax laws and government legislation. By outsourcing, you get a team of experts that can handle any obscure payroll issues. What’s more, when you hire a payroll professional, you gain access to their pool of knowledge. Any queries you may have, they’ll be able to advise you.
2. Payroll Cost savings
Accounting Firm in Milton Keynes providing payroll calculation services. It can save your business a great deal of money outsourcing compared to handling payroll in-house. Professional payroll companies use specialised software and have experienced experts dealing with your payroll. The task is carried out both quickly and efficiently. Whilst it may feel like you’ll save money by keeping payroll in-house, in actual fact this can be more costly. By hiring payroll staff, you have labour costs including benefits such as healthcare, paid time off and pension. You’ll also have to pay to subscribe to payroll software and technology. These costs soon add up. Whilst big businesses can afford a payroll department, it isn’t quite so cost-effective for smaller companies.
3. Saving time
Don’t underestimate just how time-consuming payroll is. Time is precious when running a business. Every Startup need Accountant that can streamline your daily expenses and incomes. The last thing you want is to have to think about and deal with the payroll on top of your never-ending to-do list. You’ll save time not having to hire in-house payroll employees. You’ll also save time in terms of not having to manage all the employee payroll queries. The whole process also requires keeping track of regulations and laws to ensure you’re compliant. If you have an HR team already, they can end up being swamped with payroll administration. This can lead them to neglect their other core functions. Save your HR team’s time too by outsourcing; allowing them to get back to focusing on hiring, performance management and employee relations.
Payroll providers thoroughly understand taxation laws and regulations and always stay on top of any changes. This means that they will produce payroll calculations that are accurate and up-to-date. If you keep your payroll in-house then you must stay abreast of tax rules, personnel and accounting deadlines. If you use expert payroll services, you are guaranteed compliance which will minimise any regulatory risks.
5. Quick turnaround
Specialist payroll companies can process even the most complex of payrolls quickly and efficiently. It’s essential for employee satisfaction that you pay your staff on time. It’s also a breach of your employment contract to not pay wages on time and in full. If you need your payroll turned around quickly, it’s best left to experts than risk being late paying your staff because your in-house team are overwhelmed.
6. Avoid security risks
If you keep payroll internal, your business has a responsibility to protect sensitive information. If you have limited time or resources, it can be challenging to maintain data security. In-house payroll comes with risks including identity threats. You would need to ensure all your staff are constantly trained on cyber security to reduce the risk of hackers gaining access to your network. Your payroll software may be secure but the safety of the server or network may not be. When you outsource your payroll, you can feel confident that all your sensitive employee data is secure. Reputable outsourced providers protect and store data on highly secure and state-of-the-art cloud-based servers. They also use cutting-edge encryption technology to ensure your data is safe.
7. Reduce stress
Ultimately paying your employees on time and accurately is stressful and time intensive. By outsourcing this task, it can give you peace of mind that your payroll obligations are dealt with correctly, professionally and lawfully.
If you do not have the resources or necessary finance and accounting skill to manage your payroll, outsourcing is a wise option. If you’re looking to outsource your payroll in Milton Keynes, come to MW Accounting Services. We are chartered accountants in Milton Keynes and offer a professional payroll service. Get in touch with us to discuss your payroll requirements and how we can help.