Should you outsource your payroll?
Business owners like you must focus on many different aspects of their work. Some people don’t consider the option to outsource their accounting to an outside company, especially payroll.
At Diamond Outsourcing, we believe you should be doing just that. Here’s why.
Time-saving
Following the repetitive process of doing your payroll takes a sizeable chunk of time out of your already busy schedule.
It doesn’t matter whether you process the payroll monthly, fortnightly or even quarterly, it’s a laborious task. It becomes even more time-consuming when you have to onboard new employees and register them for your workplace pension scheme.
When staff members have holidays or perhaps sick leave, this will mean further calculations into the payable hours.
Wage deductions can vary depending on the employee. If you have an apprentice, their salary will be different than others, so why not save yourself the hassle and outsource your payroll to us?
Accuracy and punctuality
As we’ve mentioned, payroll is a repetitive task at best. Sometimes when you’re poring over the numbers, it can be easy to make mistakes, especially if you’re at the end of a busy week.
Well, outsourced accountants are well-versed in performing payroll processes. It’s what we’re paid to do.
Having an accountant transfer all the data from your working rota and schedules to payroll software is a much easier way to ensure your staff are paid accurately and on time.
If payroll falls by the wayside in your weekly schedule, this can have a knock-on effect on your staff. No one likes to get paid late, but an outsourced accountant can make sure this will never happen.
It’s not just your employees who could suffer from mistakes. If you make a string of errors with your payroll reports, HMRC could charge you a penalty and even launch an investigation into your processes.
Saving some money
You may not think of outsourcing payroll as a money saver, but have you considered an in-house payroll specialist’s hiring and training costs?
Instead of adding another member to your team, you can simply outsource it, which means you won’t need to make pension contributions for the outsourced accountant, and you won’t need to train them.
The same goes for your payroll systems. Instead of paying out for a new system, you can outsource. Diamond Outsourcing already has its payroll systems and the trained staff to run them.
Staying compliant
As an employer, you have many tax obligations to stay compliant with. If you are using a PAYE scheme, you need to make sure all of the relevant tax deductions are processed from your employees’ salaries.
You’ll need to ensure that you’re making the correct National Insurance (NI) deductions and paying your own contribution for your staff.
Every month, you need to pay HMRC the tax, NI and any other deductions you owe as reported on your full payment submission (FPS) in the previous month. You’ll also have to deduct any employer payment summary you send in before the 19th in the current tax month.
That sounds like a lot of work, doesn’t it? Another good argument for outsourcing your payroll to an accounting team like the one at Diamond Outsourcing.
Why wait?
As a business owner, you’ve already got a lot on your plate. Why make payroll another thing to worry about?
Our team would be more than happy to do it all for you.
Get in touch with us today.