Why outsourcing your payroll services could be a great idea

There are many areas of your business that you may be about to outsource, but payroll is one of the things that can make the most sense to outsource.

Payroll is an administrative task that, while essential, is not something that differentiates you from other business or which you make money from.

As a result, outsourcing it can bring a number of benefits. So could it be a good idea for your business? Here are a few of the main reasons for outsourcing.

Benefits of outsourcing your payroll

First of all, it's important to know that getting your payroll wrong can have serious consequences for your business. While payroll for just a few staff can be fairly simple, it can quickly become more complex when it comes to understanding of wage laws, overtime, tax laws and staying up to date with the latest legislation. Mistakes can be costly, and you want to ensure that you are doing your payroll properly, so a specialist can provide you with greater peace of mind.

Another risk is what happens if your payroll not processed. If you only have one person working on payroll, they may not get it finished due to illness, or they may leave your business, leaving you with no one with the same skills. This is not a problem when you outsource.

Even when an employee can do the payroll, it can still involve a large time obligation. Problems can arise, people can get ill, and these can all add to the time involved. And then there is the software and training that you need to provide, the printing of payslips, and more. Outsourcing this can therefore save your business a lot of time.

An outsourcer will also have a lot of expertise in payroll. They will stay up to date with the latest technologies and issues such as direct deposit, so you will never be behind the times.

Although you will pay to outsource, it could reduce costs overall. A specialist will be faster at what they do and will make fewer mistakes, all of which can save you money.

Essentially, you can outsource your payroll to improve efficiency, accuracy and ensure your payroll is up to date. You can focus on your core business and free up resources to focus on more essential tasks.

How to choose a payroll provider

Finding any outsourcer involves some work. With payroll, you want to ensure you can trust your provider not only with your sensitive data, but also to not make mistakes.

Some of the factors to consider include:

• They should have a good reputation and experience
• Their security practices because they will be dealing with sensitive information
• Make sure they have a strong track record, especially with businesses similar to your own
• The cost for the service
• Also look at the other services they can provide, like accounting and tax planning
• See whether they have flexible options so they can provide different packages depending on your business's needs

Ask about our payroll service

At Keith Graham, we provide a dedicated payroll service so you can outsource your payroll with complete peace of mind.

We administer NI, PAYE, SSP, SMP and more, and we can also provide customised payslips. We provide weekly and monthly forms for HMRC, and we comply with the Real Time Information (RTI) regime and provide CIS returns if you need them.

We can even work out if your staff are overpaid or underpaid, and we can administer incentive schemes, bonuses, termination payments, pension schemes and more.

If you want to find out more about out payroll service, we'd love to hear from you. Simply contact us today, and we'll explain how we can help you benefit from outsourcing your payroll.