 Making sure your staff are paid on time is one of the most important jobs you have to do as an employer. Why?Â
Because, when your team is happy, they’ll reward you with hard work and loyalty.
But handling the monthly payroll can be a time-consuming and stressful job. Not to mention costly if you make a mistake.
That’s why, when you outsource it to a specialist, you can wave goodbye to all the stresses and strains that come with this difficult task and relax knowing everything is taken care of.
If that sounds like something you need, read on to find out how outsourcing your payroll could benefit your business.
What does outsourcing your payroll mean?
Outsourcing your payroll means you hand over the responsibility of paying your staff – and dealing with HMRC – to an expert like me.
You simply tell me how much each employee earns and I’ll calculate the rest.
I’ll process their tax and national insurance, prepare their payslips, let you know how much money to transfer to them each payday and how much you need to set aside for the Inland Revenue.
I’ll take care of any tricky issues, such as sick pay or earning attachments and I’ll answer any questions your staff may have about their pay packets.
In short, I’ll simplify the whole process making it completely hassle-free.
My payroll package includes:
- Calculating employees net and gross pay
- Calculating tax, national insurance and pension contributions
- Calculating statutory payments such as sick pay and maternity pay
- Dealing with individual earning attachment orders
- Ensuring the correct tax codes are in place
- Processing P45s and P60s
- Ensuring all staff are paid on time
- Calculating your HMRC payments
- Filing year-end reports to HMRC
- Providing cloud-based payslips for you and your team
- Dealing with any questions or queries
Who is outsourcing right for?
Outsourcing your payroll can be a huge benefit to your business whether you employ one person or hundreds.
It takes the pressure off your shoulders and means you have a reliable and professional system in place.
If you have less than five employees I’ll tell you how much money you need to transfer to each person each payday. And, if you have more than five, you can transfer a lump sum to me via special software and I’ll process the payments for you.
How much does outsourcing cost?
My service starts at £26 per payroll, plus £1.50 per employee.
So, if you have one employee who is paid monthly, the cost of outsourcing your payroll will be £27.50 a month or £330 over 12 months.
Or, if you have 100 employees who are paid weekly, the cost will be £176 per payroll, or a total of £9,152 a year.
As you can see, outsourcing is much cheaper than employing a full or part-time member of staff.
5 ways your business will benefit from outsourcing your payroll
1. You’ll free up time to spend on other areas of your business
Did you know, most business owners spend around six hours a month completing their payroll? And that’s if you only do one payroll a month. You can double or quadruple that figure if you do a fortnightly or weekly run.
In other words, although you may think you’re saving money by doing the payroll yourself, it’s actually costing you more by eating into your precious time.
When you outsource your payroll, you free up time to invest in other money-generating tasks that will grow your bottom line.
2. You’ll feel less stressed and more in control
Do you feel overwhelmed by the ever-changing legislation when it comes to payroll? Or do you worry that you’ll make a mistake and be penalised by HMRC?
If so, outsourcing is the perfect solution.
You’ll be able to let go of all that anxiety and you’ll never have to worry about solving difficult or confusing payroll issues again.
Once you hand over the responsibility of your payroll to an expert, the weight is lifted from your shoulders.
3. You’ll save money
Employing a skilled in-house payroll manager is expensive and isn’t necessary for most SME businesses.
But adding the task to your own workload – or giving it to someone else in the team – is still costly when you factor in pricey training and software needs.
An independent payroll specialist will not only provide you with the best software for the job, they’ll also keep on top of the latest legislation so you don’t have to.
4. You’ll avoid paying penalties
Payroll mistakes can throw up all sorts of problems – from HMRC discrepancies to angry members of staff who haven’t been paid correctly.
But, when you hire a specialist to do the job, mistakes like these become a thing of the past.
With more than 15 years of experience, I know the payroll system inside out. This means you’ll avoid the kinds of problems that will cost your business money.
I have a first-class knowledge of tax and employment law and can deal with any problems quickly and calmly.
5. You can bank on reliability and flexibility
Working with an independent payroll specialist gives you the peace of mind that no matter what happens, your staff will be paid on time and your payroll will be problem-free.
You don’t have to worry about your in-house payroll manager leaving or going off sick. Come rain or shine the job will be completed accurately and on time.
What’s more, if things change in your business, an independent service provider can adapt to suit your needs.
As your business grows, they’ll be able to help you get new staff set up quickly or, if things slow down for a while, you can cut costs and don’t have to worry about wasting money.
For a free, no-obligation chat about my payroll service call me on 07867 129210.