Running your payroll services in house can be time consuming and costly, especially if you get things wrong. To avoid costly mistakes, consider switching to a payroll outsourcing service; not only does it save you time and money, but it also ensures accuracy, regulatory compliance, and employee satisfaction.
In this article, we outline some of the key reasons to use payroll outsourcing services, like our Payroll Services at ARB Accountants. Keep reading to learn more.
What do Payroll Outsourcing Services include?
Payroll Services from chartered accountants like ARB Accountants usually include the entire payroll function, from set-up through to HMRC submissions. But, often, you can also choose to only outsource certain parts of your payroll function to help relieve your administrative duties where necessary.
The various elements of Payroll Services include:
- Set-up/new starter set-up
- Pension enrollment
- PAYE & NI calculations
- PAYE & NI advice
- Payment processing
- HMRC payroll submissions
- P60 generation
Learn more about ARB Accountants’ Payroll Services in Essex, including what each of these functions involve, here.
5 benefits of payroll outsourcing services
Save time & money
Payroll can be very time consuming and, depending on the size of your business, could require you to hire multiple people to get the job done. Payroll outsourcing services not only negates the need for in-house, qualified payroll staff, but saves you time on small administrative tasks that all add up throughout the month.
Allowing payroll outsourcing services to take over your payroll function means that you don’t have to worry about the mammoth task of payroll, but your employees remain happy with accurate, timely wages and payslips.
Avoid penalties with HMRC
Payroll outsourcing services ensure that your payroll function is fully compliant, and minimises the risk of penalties from HMRC. Chartered accountants, like ARB Accountants, are fully up to date with current legislation surrounding payroll and pensions, meaning that less time is spent on head scratching, and more time is spent on your payroll function.
What’s more, we can also process pensions, bonuses, and other benefits during this time, ensuring regulatory compliance, accuracy, and speed.
Data security & GDPR compliance
Handling payroll in-house comes with a lot of risk due to the level of personal data required. You might think that having secure software removes this risk, however you must also consider the security of your network, servers, and whoever actually uses the software.
Quality payroll outsourcing services, like our Payroll Service at ARB Accountants, store personal data on highly secure servers, and are trained to handle sensitive data and personal information.
Improved accuracy & employee satisfaction
Payroll mistakes can be painful for everyone involved, but they usually hurt your employees the most. Outsourcing your payroll function to experienced accountants leaves no room for error, meaning that not only are your books accurate, but your employees are satisfied with accurate wages.
An in-house payroll function can take the entire month to process properly, depending on the size of your business. Outsourcing your payroll services to the experts speeds things along considerably, regardless of business size or payroll complexity, and doesn’t compromise regulatory compliance.
Payroll Services in Essex
ARB Accountants provide Payroll Services in Essex and beyond. We can help you to save time and money, and ensure regulatory compliance, for your entire payroll function, or for certain elements, as required. Get in touch with us today to book a free consultation where we can discuss your needs, your business, and provide you with a free fixed fee quote.