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Are you struggling to complete your payroll process accurately, on time and in a compliant manner?
Businesses are facing this challenge more than ever and have felt more strain on their payroll during the Coronavirus pandemic, having to keep up with the changing legislation and Government schemes, supporting staff with worries and concerns as well as trying to work from home. Outsourcing your payroll can help you to overcome these challenges, consolidating everything into a single, manageable cost. There are a number of benefits to outsourcing your payroll:

Reducing Operating Cost
Outsourcing your payroll will free up much needed cost for you. Employing a company with experience, access to specialist software and legislation training can often be cheaper than employing a small in-house team. Additionally, you also benefit from removing the hidden costs in areas such as payroll-related errors – from incorrect manual calculations or failure to submit data to HMRC within the required timeframes. There are many additional hidden costs to consider, such as continuous training, print costs, system maintenance, and breach protections that add to overheads.

Legislation and Compliance
You will have access to valuable knowledge that payroll specialists hold, which is something that can not be easily replicated. This is especially true during the Coronavirus crisis, with government guidance for payroll professionals changing on what feels like a daily basis. Our team can deal with the process from beginning to final sign-off, including managing all payroll inputs and calculations, liaising with third parties such as HMRC and pension providers on your behalf, and preparing and submitting BACS/SEPA payments, meeting your companies’ agreed timescales. We will see ourselves as an extension of your own team. Legislation is always changing so keeping systems compliant and up to date to reduce the frequency of mistakes is key. Too many organisations fail to upgrade their systems in a timely manner and do much of their work in spreadsheets, which can lead to errors.

Confidentiality
The use of spreadsheets and out-of-date technologies, combined with a lack of proper security across all areas of the company, creates the risk of a data breach and violation of data protection law. There is also the risk of salary and sick leave absences knowledge being leaked within the business. Outsourcing payroll would mean that this information is not released within your business.

Risk Management
Another risk with in-house payroll is that a team member may go on holiday, sick leave, furlough, or even leave the organisation you may end up with late, incorrect, or even missed payments, as well as mistakes. When you outsource your payroll, this workload is covered for you.

Value Added Services
We can supply you with various reports – both pre and post final payroll run – ensuring transparency and understanding throughout the whole process. Payroll-related correspondence such as payslips and leaver P45s are covered, along with the processing of tax year-end and the delivery of P60s and P11Ds. Payroll analytics can help you to identify flight risk within your business, pinpoint payroll anomalies and outliers to help drive efficiency, assess the link between performance and pay and to support resource management by highlighting trends and patterns.

Next Steps
Outsourcing payroll could be a successful solution for your business, even as you begin to start to return to normal. Making sure payroll is completely taken care of may just help to alleviate some of the worry. Meeting challenging turn around times, deadlines and client demands is what our payroll team do best. We have a responsibility to be on top of legislation changes and this has become key during the Coronavirus pandemic. The service we offer is invaluable, ensuring that thousands of people are being paid accurately and on time and correctly.

If you would like to speak to one of our payroll specialists, please contact us here.