These are the 5 benefits of outsourcing payroll
As an accounting firm, you may ask yourself: “What are the benefits of outsourcing payroll?”.
Well, perhaps unsurprisingly, we can give you a long list of reasons why it may help you boost your productivity.
You’d be surprised how many accountants use the services of outsourced firms. Of course, outsourcing payroll always has advantages and disadvantages, but let’s focus on the positives.
These are the five benefits of outsourcing your payroll services.
Saving time and money
Every service you offer is important, but some are more important than others.
Your firm will have plenty of clients needing your payroll expertise, but have you ever considered how much time you spend on that rather than your higher-value services?
Having your team spend a substantial amount of time ensuring a client’s payroll is accurate takes them away from the other jobs they could be doing. Not only that – think about how much money you’re spending on those staff and what return you’re getting from carrying out payroll processes.
Handing these tasks to an outsourced firm will free up your time and resources, allowing your team to fully utilise their impressive skill set.
Furthermore, you won’t need to consider hiring extra staff to help out with the payroll services you provide. That means no training costs, pension payments, or employer’s National Insurance contributions.
Avoid mistakes
Even the most experienced accountants can make mistakes. At the end of the day, we’re only human.
So, if your team is scrambling to get multiple clients’ payrolls completed, there’s a higher risk of error. Complex payroll requirements can add to the pressure, so outsourced payroll services can minimise any stresses and reduce room for mistakes.
No matter how small, getting something wrong can lead to complications for your client. The last thing anyone wants is for the team on said payroll to be short-changed (or overpaid).
Access to the latest software
Accounting software isn’t exactly cheap. In fact, if you want all of the bells and whistles, it’ll come at a cost. We’re not suggesting that your current systems need the upgrade, but it may be the case if you want to keep all the plates spinning.
Well, outsourced accounting firms (like us) invest in the best and latest technology available on the market. Not just for our sake, but for those of our clients too.
With a fully integrated software system, an outsourced accounting firm will make light work of your clients’ payroll needs.
Extra security
As we all know, security is of the utmost importance for you and your clients.
Your payroll software could be the tech equivalent of Fort Knox, but you still have to be wary of your servers and network.
Outsourced payroll specialists usually use highly-secure cloud servers and top-of-the-range encryption technology. Additionally, electronic payment methods can help prevent losses by tracking errors to their source.
So, rather than forking out for any further upgrades, get in touch with our team.
Complete compliance
Sometimes the Government may announce policy changes that throw a spanner in the works.
These changes can be stressful to comply with, especially when you have to keep all of your clients in the loop. Well, it’s our job to keep up with the latest developments, so you don’t have to.
Obviously, you should be aware of any changes, but by outsourcing your payroll, you can rest assured the work complies with Government regulations.
What’s next?
We could wax lyrical about the long list of benefits of outsourcing your payroll functions. Rather than making this article even longer, we’d happily talk you through it all one-on-one.
To free yourself from the chains of payroll, contact our team today.