When trying to run a business, you’ll often have multiple responsibilities and some things will ultimately suffer due to a lack of attention.
In the majority of cases, a lot of businesses see things such as administration and payroll activities as something that doesn’t need to be a priority – but here’s where they are wrong.
Payroll plays a crucial part in any business, and failure to correctly implement these procedures can land your company in some hot water.
We understand all of the stress and work that comes with dealing with payroll, so we’ve provided a couple of reasons why outsourcing these services to an expert is your best option.
Save Time
One of the biggest benefits to outsourcing payroll services to an outside company is the amount of free time you can regain, which is crucial for any business.
Payroll procedures are a lengthy task, and can be very time consuming. If you are operating a small business, you know that time is something that you simply don’t have, so making every minute count is important.
By shifting all duties to a third party, you can use this precious time to focus on other core elements of the business and stay on top of everything.
Save Money
Outsourcing will not just save you time, but will also leave you with more money in your pocket in the process.
As the saying goes – time is money, and so being able to do something useful to help grow the business instead of wasting it on payroll procedures is key.
Larger companies have both the money and resources to have a dedicated payroll team in-house, but can the same be said for small to medium enterprises?
With resources limited and multiple employees usually carrying multiple responsibilities, doesn’t it make sense to hand something as important as payroll over to the experts?
Training dedicated personnel to do payroll can be costly in it’s self, and relying on specific employees to handle these procedures can be a dangerous game. In the event of holidays/sickness or even employees leaving, what are you going to do about payroll?
Keep Compliant With Regulations
Tax rates and legislation are always changing – can you confidently say you are fully up to date with the latest regulations?
With the ever changing legislation, it can be hard to stay on top of the most up to date procedures (especially if trying to focus on other areas of your job). Keeping “in the know” about changes to the likes of National Minimum Wage and tax payments is a full time job, but not a lot of companies have the spare resources to have dedicated people to this task.
Mistakes in payroll can very expensive, and will ultimately lead to audits (which is never a good thing for small businesses). With so many other things to look after, it’s simply unrealistic to expect small businesses to stay aware of these regular updates.
This is where outsourcing this work will come in handy.
In an age where regulations are always changing and Employment Tribunal claims are easier to make then ever, keeping updated is so important.
Provide Extra Security
You might think that a smaller business means less of a risk from a payroll stand point, but you could be wrong.
Having someone in-house in charge of all of the payroll processing can leave your company open to the likes of embezzlement or identity theft, which is a very dangerous thought.
This might sound a bit extreme, but you never know what could happen. As much as you trust your employees, it’s always better to have something as important as payroll looked after by professionals.
You could also be currently using an out of date or insufficient payroll system, with the potential of confidential payroll data being exposed. How safe is your company’s payroll data?
Experts like ourselves use only the most secure and trusted systems to ensure the confidentiality of payroll data, and can ensure that you’ll be placed in the right hands.
Rely On Expertise
By outsourcing your payroll services to a specialist such as Wurkplace, you can rely on years of expertise and experience to provide the most efficient and accurate services.
Tasks that would usually take businesses a long time to do will be done with much greater speed and accuracy thanks to experience with these systems, and you will see a much more efficient job as a result. This also goes for minor tasks which a lot of businesses forget about or take for granted.
Wurkplace has years of experience in dealing with the likes of P45s, pension contributions, and HMRC payments, and can sort any issues with ease.
We can set up a HR Management System that will allow us to upload payslips for employee access in one central hub. We can also keep track of employee payments, reports and payments made to HM Revenue and Customs (HMRC) and taxable expenses or benefits.
Our team of dedicated specialists are only a phone call a way, and will be available to provide assistance with any payroll matters.
Gain Peace Of Mind
Lastly, handing over the payroll procedures to an outside company like ourselves will relieve much of the stress and hassle that comes with operating a SME, and a weight will surely be lifted off of your shoulders.
We all know the hard work and determination that comes with running a business, and the effect that can have on the mind and body. Say goodbye to headaches and stress, and long nights of trying to make everything work and allow us to take care of the payroll side so you can focus on the business.
By outsourcing your payroll services to us, you can stay confident in the fact that your payroll is completed covered and dealt with in a compliant and efficient manner.
If you’d like to learn more about Wurkplace’s payroll services or want to speak to an expert about how we can help take the risk out of your business, get in touch today.
An experienced Director who controls and oversee all business operations, people and ventures. Responsible for the overall success of the business.
As a leader, he is able to steer a company to the most profitable direction while also implementing its vision, mission and long term goals. Additionally, he has strong crisis management skills to “save” companies in times of need.