Whether you’re a large firm with decades of experience, or a small business that has only been on the market for a few weeks you all have one thing in common. Payroll. Undoubtedly, it’s a hassle which can cost a lot of time, effort and money. However, there is a solution! What you may ask? Outsourcing your payroll.
Put simply, outsourcing payroll means hiring an external firm to handle all of you company’s payroll functions- this reduces the need to train an in-house payroll team which, in turn saves you time and money. So, how can your small business benefit?
There’s no question, time is a valuable concept, especially if you’re a small business. Outsourcing your payroll frees up a lot of time, giving you more space to focus on revenue generating services.
Outsourcing your payroll to an external company dramatically reduces the co
st. Not only that but by going through this, you can ensure that your payroll administration is accurate and on time- taking any stress off your shoulders.
If you decide to manage payroll without the help of an external company, you run the risk of missing HMRC deadlines. HMRC are unforgiving and will charge you. Penalties can vary from £100 to £400. If you’re a small business, you can understand how much of an inconvenience this can be. If you outsource your payroll you can rest assured, you will avoid all penalties.
By outsourcing your payroll administration, you can benefit from their expertise. They can take care of any employees queries which saves your time researching the answer. Which works out to be more productive.
You don’t lose knowledge
By liaising with an external company, you don’t need to worry about the potential scenario of your bookkeeper or payroll clerk leave or go on holiday, you don’t have to worry about finding a replacement. You have reliability.
So, there you have it! The top five benefits of outsourcing your payroll if you’re a small business. If you would like more information about the payroll solutions Pytronot offer, get in touch today!