Payroll Outsourcing
Payroll is the collection of financial records of the salaries of an employee this involves wages
, bonuses and deductions. In the UK it is an important part of PAYE (Pay As You Earn) registered companies, which is operated by HMRC to collect income tax and NI (National Insurance). Outsourcing payroll can free up time that was otherwise wasted doing company payroll so that you can focus on growing your own business. There is a lot of complexity involved in payroll and if you do not adhere to the compliances you can face penalties. This is why your company can benefit from outsourcing payroll!
Within a company it is important to pay your staff promptly, and correctly, this is where payroll outsourcing can help! They can organise the financial records of each employee whether you have a handful or hundreds. By outsourcing you can get rid of the office hours spent doing payroll and focus on what really matters within your company, this can bring an advancement with any business! There is always a certain pressure that is taken away from every business owner when you get rid of in-house payroll.
By employing an accounting company to handle your payroll outsourcing you can gain peace of mind as you know that a professional job is being done. You have to think about your company and where you want it to go, getting rid of the in-house payroll department will also free up extra funds to put towards this.
Listed below are the benefits of outsourcing payroll:
Your payroll system is effectively managed.
Staff are trained to the highest standard and have experience in payroll.
Absences are less likely than within your own business.
Takes the worry of having an in-house team away such as hidden costs and concerns over meeting legislative requirements.
Brilliant for tracking the hours, days and over time of an employee.
Customer service is improved as your company can focus on customers.
Can concentrate on major issues within the company.
Here are the services that a payroll outsourcing service can provide:
Processing of payroll either weekly, monthly or annually.
Preparation of the posting of employee payslips.
Preparation for month-end payroll analysis.
Preparation of electronic filing forms - P14, P35 and P45
Production of year-end P60s.
Production of customised payslips.
Advice on tax and NI contributions.
Dealing with employee enquires and starters & leavers.
Company, personal and stakeholder pension schemes.
Student loan recovery.
Administration of PAYE, NI, SMP, SPP, SSP and SAP.
Child Maintenance orders.
Completion of statutory (including year-end returns).
Administration of bonuses, incentive schemes, and termination payments.
To avoid problems within your company through errors made by employees such as not meeting PAYE requirements, it is better for you to outsource payroll so that your company can advance and grow. With large international corporations they most likely have their own in-house payroll team, this is because they have grown within the industry and have become renowned within the sector they are based in. Whereas, for medium sized and small companies payroll outsourcing is key for the company to expand and grow, so they can focus what they set out to. In conclusions, outsourcing payroll is extremely beneficial and companies should consider this option.
by: Bruce Nelson
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