Several large retailers have recently appeared in the press over major payroll errors costing millions to rectify and damaging their reputation as employers. This raises the question: what is your payroll really costing you?
Many businesses are still processing payroll as a bolt on to Finance or HR, creating key-man dependency where it is one person’s responsibility, and opening them up to risk where there is a lack of technical and compliance knowledge.
Outsourcing payroll has become a popular choice for businesses of all sizes around the world because it brings with it a range of benefits that positively impact both cost efficiencies and overall business performance. These benefits include:
Expertise
When you choose to outsource to a payroll bureau, you get access to a team of highly experienced and knowledgeable experts. Our Payroll Team has combined experience of over 70 years in payroll across a variety of fields including CIS, benefits, tax & NI compliance, pension compliance, Irish & Offshore payroll, Global Mobility and much more.
Cost effectiveness
An experienced Payroll Manager (depending on area) can set a business back in the region of £40k- £60k. By outsourcing your payroll, you could save your company approximately £30k per year, as well as having access to all the experience and knowledge you need to ensure your payroll remains complaint with legislation. Additionally, if you outsource payroll, you are not required to purchase or maintain costly payroll software.
Time and resource
Managing payroll in-house can be a time consuming and resource intensive task. By outsourcing to us, you can free up valuable resource and redirect your focus towards core business functions.
Accuracy and error reduction
Payroll processes demand meticulous attention to detail to avoid errors that could cost you a lot in terms of both money and reputation. We have advanced technology and automated systems to streamline calculations, coupled with a strict internal review process, reducing the likelihood of errors.
Scalability
As your business grows, so too will your payroll needs. We can accommodate your growing team and payroll complexities to ensure accuracy and efficiency is maintained.
As the new tax year approaches, there is no better time than now to start considering your payroll processes and look to outsource to a payroll bureau. If you choose to onboard with us in April, we will do your implementation for free!
Get in touch with our expert Payroll Team now to find out how we can support you.
If you have any questions about the above, or would like more information specific to your circumstances, please enter your email address below and we will get in touch:
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