REASONS TO OUTSOURCE YOUR PAYROLL
Payroll is the total amount of money which a company pays to its employees. This can be in the form of salaries, wages, bonuses, and commissions.
It is such an important aspect of your business, and getting it right every time is absolutely essential. Finance and your employees are crucial in keeping your business running smoothly, so you need to make sure that you are paying them correctly, and that you always have an accurate view of your accounts.
In most organisations, payroll and taxes have a considerable impact on the overall income of a company. The net profit of a company also must be reported and is subject to laws and regulations. If this is reported incorrectly or late, your company may incur fines, plus you could end up paying the incorrect amount of tax.
From a human resources perspective, payroll also has a significant impact on the employees of your company. Your employees drive your business forward, without them, you wouldn’t be able to grow. Therefore, you must ensure that you keep your employees happy and pay them on time, with the correct amount and at the arranged frequency.
For both of the above reasons alone, it is easy to see why a robust Payroll system needs to be implemented within your business.
Costs of Payroll
Having your own Payroll can cost quite a lot too. You will need to have professional, secure and accredited software installed. Then if you're a small business, with only a few employees, you will need to take the time to learn how to use the Payroll system yourself, meaning time and money spent attending a course. If you are a larger company, you may think about hiring your own accountant. This then incurs the costs of recruitment, training and then the added expenses of having an in-house employee, holidays, extra desks, that kind of thing.
Risking the payroll process means risking your entire business, so you need to place maximum importance on your processes.
Every business is different when it comes to their Payroll needs. There are lots of varying factors such as how often your staff are paid, how much they are paid, whether they receive a commission on top of their wages, whether they were sick one week – the list goes on, and on, and on... At Parker Whitwood Accountants in Manchester, we have experience in every type of Payroll for all different sectors.
Payroll is also changing all the time, for example the recent Coronavirus Job Retention Scheme - it is currently changing monthly. Keeping your knowledge of this fresh, and staying on top of the changes you need to make in Payroll is a time-consuming task, and you need to make sure that you’re getting it 100% right. It is our job to remain up to date on all the current financial changes, so if you outsource your Payroll, you will have more time to focus on your business.
Call us to discuss our flexible payroll services in Manchester and we can get you set up today 0161 928 9900 | [email protected] or fill out our contact form and one of our friendly accountants will be straight in touch with you.