Are you a small or medium sized business wondering if you should outsource your payroll? If you are a small or medium sized business you may think that payroll will be easy enough to do on your own, however payroll can be challenging even for professionals. There are many reasons why outsourcing your payroll can be beneficial for your business and outsourcing your payroll is something that you should at the very least consider. In this blog we will detail the 4 most important reasons as to why outsourcing your payroll could be the right step for your business.
Number 1 Save time and money
A main reason why many small and medium sized businesses choose to outsource their payroll is because outsourcing payroll saves not only time but also money. By outsourcing your payroll it means that you have extra time (which would otherwise be spent on you doing your own business's payroll) to spend on your core business needs and growing your business. If you are a start-up or a small business your time is crucial, especially when there are only a few of you to complete every aspect of the business. Additionally, the cost of outsourcing payroll is usually cheaper than hiring someone internally. By outsourcing your payroll you will have one less thing to worry about and can focus on your real goal - growing a successful business.
Number 2 Making sure your payroll is compliant
There is no denying that payroll is a complicated area with government rules and regulation you must adhere to. For example, in order to comply to the rules you have to file and pay taxes on time, make the correct payments and deductions, and hold onto payroll records for a minimum of three years. In addition, rules and regulations regarding payroll change constantly, making it hard to stay on top of. By outsourcing your payroll you can relax knowing that an experienced payroll team is taking care of everything for you. Additionally, not only is running your business's payroll extremely important but it also ensures that you are profiting from potential tax savings, which without outsourcing your payroll and having the help of an experienced payroll team you may not be aware of.
Number 3 Easy to understand reporting
The functioning of payroll can be difficult to understand. If you outsource your payroll you will receive easy to read reporting tailored to individual business needs. By having reports and the opportunity to speak to payroll professionals you will be in a much better situation of understanding your business's payroll and therefore, understanding how to make your business more successful.
Number 4 Less risk
If you make mistakes when doing your own payroll you will be subject to penalties and fines. By outsourcing your payroll you will eliminate the risks of this as you will have a professional and experienced payroll team, so you can relax knowing your payroll is in safe hands.
Traynor Accounting Cumbernauld and Glasgow can help you with your payroll
Think your business would benefit from outsourcing your payroll? Traynor Accounting Cumbernauld and Glasgow provides payroll services for small and medium sized businesses throughout Scotland and the UK. We can provide payroll processing on a monthly or weekly basis from 1 to 100 employees. With our experienced payroll team you can relax knowing that we can take care of everything!
To find out more about our payroll services give us a call today on 01236 222668 for your free accountant consultation (no obligation!).