If you have ever had an employee remind you that it’s time to issue payroll, have had your payroll calculations questioned or having difficulty tracking accrued leave, then it could be time to outsource your payroll.
What better time to consider your options than during National Payroll Week? According to statistics from the Chartered Institute of Payroll Professionals (CIPP) less than one fifth of all businesses outsource their payroll, instead preferring to act in-house. There are a number of reasons for this, namely size and number of employees, but as your business grows, it is a good idea to consider the alternatives.
This brings with it all sorts of additional headaches, from premises to equipment, sales and recruitment – and with it comes a growing payroll. You might soon find that the function becomes more than a one-person job as structures become more complex. You could, of course, grow your in-house function, but a dedicated outsourced expert might be a more suitable and cost-effective choice.
Beware the errors
Mistakes happen, we are all human, but the increased burden of a growing firm on payroll can up the pressure to ensure everyone is paid correctly and on time. Constant errors can be costly and can impact severely on lost time, but if the same errors are being repeated, then it is probably time to consider outsourcing.
Errors can also lead to sensitive information being compromised – and we have known circumstances where this has happened. If you have come across any situations where employees have had issues due to confidentiality breaches then, again, this is a sign that outsourcing might be a good option.
Professional payroll services specialise in producing complex payroll systems in a timely and exact manner. If it is taking you too much time to process the payroll then there could be alternatives to consider other than in-house. We frequently come across situations where businesses use payroll staff in a multiple role, so by eliminating payroll it is likely to increase their productivity too.
If any of these scenarios are common to you, then Wilkins Kennedy can help. Our dedicated payroll team can assist with a number of queries from PAYE to auto enrolment. Contact us for more information.