Auto-enrolment pensions, benefits in kind, student loan repayments, holiday and sick pay – there are so many things to think about when running payroll. If you’re not a payroll specialist it can become quite confusing – and time consuming.  It is a great idea to outsource your payroll to experts – to ensure you get it right and fulfil your legal obligations. Here are six reasons why outsourcing your payroll could make a real positive difference to your business.

1. Pay staff on time – This is the most important reason to outsource payroll. Paying your staff is really important to prevent financial difficulties and stop them leaving your company unhappy. Did you know that you can be penalised for failing to pay employees too? 

2. Pay HMRC and others on time – Were you aware that you need to make regular payments to HMRC, pension providers and other external bodies? If you don’t, you may receive a penalty and high-interest fines. Outsource your payroll to protect your business! 

3. Save money – It is often cheaper to outsource payroll as you can enjoy the essential skills and knowledge it needs for a lower cost and without needing to provide an office, phone and so on. Did you know that over 43,000 pay-related cases a year end up in an employment tribunal?  Payroll is one function you HAVE TO get right. 

4. Reduce admin – There’s a lot of administration needed to run payroll including reporting, issuing payslips and P60s. Partner with a provider who will take on these tasks and reduce the admin!  You’ll  still need to share facts about the number of hours worked, holiday and sick leave and so on, but it certainly frees up time.

5. Cut down on recruitment issues – Payroll managers need a range of skills and in depth knowledge of payroll and pensions to do the job correctly. Payroll rules change frequently, so you will need to ensure your manager stays up to date so by outsourcing your payroll, it’s one less professional needing regular training. 

6. Reduce risk –  It is incumbent on you to demonstrate that you are fulfilling all your pension and payroll obligations to the Pension Regulator, HMRC and to your staff.  With a payroll partner, you’re sharing this obligation as they can communicate with HMRC and other bodies on your behalf. 

As well as removing the stress of complying with payroll and pension schemes, outsourcing your payroll will deliver considerable cost, efficiency and benefits from having a loyal team. The key to making it work is to put in place clear and regular lines of communication between your business and your payroll partner. Then you can enjoy multiple benefits for your business. 

How the flexible Hour Hands accounts team can support your business

Hour Hands is made up of experienced Personal Assistants and talented bookkeepers all ready to support you with those urgent and important tasks that you just don’t have the time to complete. From booking travel, to managing your diary and managing your accounts and tax returns – we can help you complete tasks and shift them off your to-do list! By outsourcing your tasks, you can flex when you need support – be it ongoing support or for a one-off project or resolving a particular task. 

To find out more simply visit our website or call us on 01727 818262. We will ask how we can support you and offer a solution either on an hourly rate or package cost. The choice is yours – we simply want to help.