Running payroll can be a complicated and time-consuming job, but it is nonetheless a very important part of operating a successful business.
Your employees depend on you running a regular, reliable and accurate payroll for them to meet their financial commitments.
Making errors with your payroll can be costly. Not only is it highly unprofessional, but it can it incur fines from HMRC, demotivate employees and cause high staff turnover.
For ease and peace of mind, many businesses now choose to outsource their payroll to an accountant.
When you outsource your payroll to an accountancy practice, some of the key areas you can get help with include:
- Calculating wages and paying employees.
- Calculating benefits and deductions.
- Deducting tax.
- Filing taxes with HMRC.
Benefits of outsourcing your payroll
Just some of the benefits of outsourcing your business’ payroll are:
Accuracy– Payroll is one aspect of your business where you can’t afford to make mistakes. Outsourcing your payroll to the specialists makes it far less likely that errors will occur.
Cost-effective– A lot of the expenses involved with employing a person to do the job in-house can be saved by outsourcing the task instead. Just some of the associated costs you will cut include recruitment fee, benefits, holiday and sick pay, equipment, software, and overheads like electricity.
Happy employees– Your employees rely on their wage for their day-to-day living expenses. Employees that are always paid correctly and on time generally have better job satisfaction and are more committed to their employer. It also sets a good example in professionalism and reliability if you consistently pay staff correctly.
Avoid fines and penalties for errors– Making errors with your payroll tax submissions will incur fines from HMRC. When you outsource your payroll to an accountant with expert knowledge you can be confident that your taxes will be filed correctly, accurately, and according to all the latest laws and regulations.
Stress-free – The peace of mind that outsourcing your payroll to the experts provides is priceless! No more sleepless nights worrying about implementing the latest new HMRC regulations correctly.
Time-saving– Payroll can be complicated and time-consuming. When you outsource it to an accountant you free up more of you and your employees’ time for spending on revenue-generating tasks to grow your business.
To find out more about the payroll serviceswe offer here at Michael Bell & Co, give our team a call on 01484 690 730.