Outsourcing has become commonplace for many organizations, and with a range of services provided; keeping your books in order, your employees paid, and staying on the right side of HMRC, has never been easier or more affordable.
One powerful outsourcing service is that of payroll, and by working with London payroll services, you can stay compliant with all new legislation, all of the time, not to mention streamline the entire payroll process; helping you gain a competitive advantage. With a flexible workforce at their disposal, an outsourced payroll provider is always there for you, to help you save money, scale your business and reduce the risk of costly errors.
Still not convinced as to how outsourced professional accountants can help you make short work of payroll every month? Check out the following 7 advantages of outsourcing your payroll requirements, and see if they can’t convince you of its worth:
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1. Money saving
Did you know that over time (no point outsourcing anything on a temporary basis), by outsourcing your requirements, you could reduce in-house payroll processing costs by as much as 50%? That’s no insignificant amount, and is difficult to overlook.
2. Cutting costs on hiring
Hiring employees to run payroll is expensive, and when you’ve calculated the costs associated with recruitment, training, salary, holidays, sickness and benefits, you’ll see that outsourcing could cut them significantly.
3. Quicker turnaround times
Outsourced payroll providers often have large teams of professionals working for them, meaning that jobs can be completed far quicker than if they were handled in-house, or by the business manager (as is often the case when companies are trying to save money).
4. Being able to scale your practise at your pace
If you’re outsourcing your payroll requirements, you can easily scale your business as and when you want, without the worry of all the paperwork associated with taking on new staff. A business that’s expanding is inevitably going to increase its headcount, but an outsourcing company will take care of all aspects of payroll for new and existing staff, leaving you to expand as quickly and efficiently as you choose.
5. Reducing the risk of errors
Even smaller businesses often have complex payroll that they’re running in-house, and getting it right each month, can prove time consuming and costly should errors occur. With the help of an outsourced payroll provider, you can get payroll right every month, and have happy employees while also keeping HMRC satisfied and off your back!
6. Time saving
If you usually run payroll in-house, you’ll know just how time consuming it can be, and not just once a month, either. Payroll tasks are ongoing, but by outsourcing all payroll requirements, you can assign other duties to your in-house team and give them (and you) time to focus on strategic initiatives for the success of the business.
7. Peace of mind
When you outsource, you can put your mind at rest knowing a professional company that specialises in payroll, is handling the bulk of the work and taking care of all legislation.
If you haven’t yet experienced the peace of mind that outsourced payroll can provide you with, perhaps now is the time to try it?