Benefits of outsourcing Payroll
If your business has employees, you’ll have to do payroll – but isn’t it just processing payments?
On the contrary, there’s a number of ways an outsourced payroll team can add value to your business that goes way beyond just paying staff wages every month. It creates a streamlined efficient end-to-end process that covers a company’s pay and pension processing requirements.
Outsourcing payroll could free up some of your precious time and will take care of the entire process for you.
Not only is your payroll now in the hands of experts but outsourcing also adds another layer of checks to ensure that every payslip is correct. You can relieve yourself from tricky calculations of an employees pay such as tax, NI, pensions, and any statutory payments.
From an operational perspective, running an in-house payroll often has much greater costs than first appear. They can include factors such as server maintenance, training, software costs, a payroll manager’s salary and most importantly the time invested into maintaining all these elements. Outsourcing allows you to streamline your costs into one fixed fee.
Payroll data can be used to generate greater insights and provide tailored reports that can assist the finance function so they can make informed decisions and adopt a proactive approach.
Legislation can be difficult to keep on top of – holiday pay calculations, IR35 and ever-changing furlough calculations are just a few recent examples. Outsourcing allows you to hand over the responsibility to your payroll supplier. In addition, depending on one member of staff in your finance team to do the job during key pay periods can be worrying and risky. What happens when that staff member is sick or on leave?
In summary the benefits are:
- It frees up time and resources enabling you to concentrate on running your business
- You benefit from a dedicated team to manage your payroll
- Takes away the pressure of having to keep up to date with changes in legislation
- Provides peace of mind that regardless of holidays or sickness, your payroll will still run
- Removes the need for expensive software and processing costs
- You no longer need to worry about the day-to-day responsibility
At Garbutt + Elliott there is a solid team of payroll professionals that offer a personalised/bespoke service to clients. Why are we different? Because we genuinely care about our clients and their aspirations with each client having a dedicated contact within Garbutt + Elliott. The benefit; we get a deeper understanding of the business and its needs and as a result, develop good working relationships. Given the breadth of services the firm has to offer, clients have the ability to tap into our Wealth Management and Personal Tax services to assist with queries on remuneration, pensions and benefits. In addition, we are able to make payments to employee’s and HMRC through Garbutt + Elliott being a BACS Approved Bureau and submit pension uploads to our clients chosen pension providers. Over the last three years we’ve been shortlisted for the CIPP Annual Excellence Awards for our services and during the first furlough period processed over £14 million worth of CJRS claims, helping over 200 businesses across the region access this government support.
If you want to find out how payroll can help reduce costs and create more time for you to focus on running your business contact Sarah Ashton, Payroll Partner, Garbutt + Elliott on firstname.lastname@example.org or call 07870 168288.