Top 5 Benefits of Outsourcing to a Payroll Service Provider
Attempting to master every element of successful business means becoming a ‘jack of all trades and a master of none. Payroll and the allied disciplines are a time-consuming bureaucracy which you are unlikely ever to get on top of for long. If you are considering a Payroll Service Provider this post will help you make up your mind.
Outsourcing is a canny way to make the most of your resources and will remove the allied stress of keeping up to date with the latest employment regulations.
In this article, we’ll discuss the benefits of using a payroll partner to provide this vital service.
The 5 Benefits:
- Regulations and Tax Law Compliance
- Security and Data Protection
- Keeping up to Date
- Time-Saving
- Cost Saving
Regulations and Tax Law Compliance
A service provider is going to keep up to date with the latest legislation. It’s their job. Tax laws seem to change with the wind these days and in your busy day an important update may be overlooked.
A provider focused on the details of tax law and regulation is going to reduce the level of stress in your business day, by keeping you and your staff informed.
Security and Data Protection
Keeping your business network safe from intruders and protecting your customer and staff data in the age of GDPR is a constant battle.
A professional payroll service invests in the highest security protocols and has defined processes for accessing and processing personal data. It is another investment you can save on as the provider shoulders to cost of the hardware and security updates.
Service providers will also have invested in backup systems, multiple servers and recovery programmes in case of software crashes and data corruption.
Keeping up to Date
It’s not just employment and tax law that needs to be kept up to date, it’s the software that runs your payroll. Payroll software should be HMRC-recognised and come from a recognised software house. Updates to the software are regular to comply with legislation and, again, this potential headache is removed by the outsourced payroll service provider.
Time-Saving
Running a regular payroll is time-consuming even when there are no mistakes or last-minute additions. All that time now becomes yours to focus on the running and growth of your business.
Cost Saving Service
You will save money using a professional service provider and as you know as a business person it’s not just profit you have to look out for, it is also potential loss.
Making a mistake in payroll can be costly in terms of money owed to an employee and the government. It is also a cost to maintain in terms of in-house staff and keeping expensive software up to date and fully licenced. Therefore, employing an expert outsource will reduce costly mispayments, make sure your tax is kept to a minimum and give you peace of mind that those responsible are up to the job.
A Word About Payroll Providers
Payroll providers fall into three broad categories:
- Full-Service
- Online (DIY)
- Professional Employer Organisations (PEO)
The Full-Service provider will handle the whole process.
Online (DIY) is a cheaper option but you will be handling the process (and stress) yourself.
PEOs co-employ your staff sharing legal responsibility and supplying benefits such as health insurance.
Conclusion
The benefits of outsourcing your payroll are multiple. Not employing such a service is a false economy. The removal of stress due to payroll deadlines and legislation is one important benefit but the major benefit is the added security for your business. Can you afford NOT to employ a payroll service?
If you choose the right provider, they will help you scale your business almost stress-free!
Contact E&P Services for a friendly chat today.
The E&P Services Team
[Image credit: Austin Distel, unsplash.com]
