Ensuring your employees are paid in a timely and accurate manner is one of the most fundamental parts of your business. Errors can rapidly erode trust and employee morale – a recent survey from Morepay showed that more than 20% of employees had a left a role due to repeated payroll errors.
Many small businesses prefer to keep their payroll in-house in an attempt to keep their costs down, but could the benefits of outsourcing outweigh the costs?
For many businesses the weekly or monthly payroll is completed by an individual without specific payroll expertise. Software packages have increasingly improved accuracy, but legislation is complex and continually changing. A qualified practitioner can take the load off internal staff, they are committed to staying on top of changing and new regulations. They’ll even reach out to HMRC so you don’t have to!
Outsourcing costs often compare favorably to employing an in-house payroll expert whose skills are only used monthly or weekly at best.
Any errors in an employees pay can impact heavily on individual and leave internal relations strained. Outsourcing payroll will remove the responsibility from in-house teams and also help to reduce any errors as qualified practitioners are experts in the complexities of payroll. Professional payroll teams are also more likely to use effective software packages which can help to reduce the risk of payment errors.
Putting the responsibility for payroll on a single individual in your organisation can create a risk. What if they were to become ill, request holiday during payroll periods or even hand their notice in? Using an external provider will guarantee your employees will always be paid on time whatever the circumstances.
Our friendly and helpful approach to accountancy, ensures that you understand and are in tune with your finances. Our committed team will communicate with you every step of the way so that you understand the position of your financial affairs – get in touch today.
