Whatever size of business you run, payroll is one of those processes that adds zero value to your business. At best, the outcome is neutral, but get it wrong and the effects are always negative. Let’s face it, pay is a very emotive subject and everyone expects to be paid correctly and on time.
Hardly surprising that more and more businesses now outsource their payroll function. But what other reasons are there for outsourcing?
Compliance – The only constant with payroll regulations is that they will always change. And devolved Government will only add to the complexity and frequency of change. If you make mistakes, hefty fines can follow.
Cost and Efficiency – The constantly changing payroll regulations mean that your payroll processor will need constant training. And your payroll software will need numerous upgrades. All of which use time and money. Far better to take the strain off your existing team, and allow them to focus on adding value to your business.
GDPR – Outsourcing your payroll will ensure that all your payroll data is secure. Just one less thing to worry about.
Accountability – Payroll bureaus live or die by their accuracy. If your provider makes a mistake, it’s easy to raise this with your Account Manager. If your in-house payroll processor constantly makes mistakes, it can be harder to deal with, and will undoubtedly cost you time and money. But if you’re not happy with your outsourced payroll provider, simply move to another bureau.
Everybody does it – Well perhaps not everybody, but more and more businesses now outsource. Payroll is a very specialist subject, served by only a few individuals, so for many businesses, employing and retaining good payroll staff is becoming increasingly more difficult. And that’s why most businesses reach the conclusion, that it just makes sense to outsource.
For further information, please contact Katy Christiansen (email@example.com) or your usual AAB contact.