Outsourcing Payroll: saving both time and money
The administration of a business's payroll may have undergone huge technological advances, yet the central task of paying staff still occupies a high percentage of the relevant department's time.
It's not just about paying your employees on time for their efforts by depositing money in their bank accounts. As well as the more obvious considerations, such as National Insurance contributions and tax, other issues include pension contributions, sickness, holiday and parental entitlements, as well as employee benefits, which may include health care or a company car.
Add to this workforce employee changes, relevant reporting requirements, ongoing data and analysis, as well as keeping fully abreast of the latest changes in legislation and it's easy to see how many businesses underestimate the time consumed involved in running the payroll.
Outsourcing: a professional solution
At AMR Bookkeeping Solutions we offer a highly personalised service for every client — and in addition to all the business benefits this offers, it also means that our clients' employees still have a dedicated point of contact to iron out any issues in what can be a highly sensitive area.
As well as taking the payroll weight from your shoulders, we can provide end of year P60s and RTIs – where all UK employers must notify HMRC of the PAYE liability.
While essential, payroll is a non-revenue generating activity and by outsourcing this central activity to a professional company a significant amount of your company's time can be freed up for revenue-generating work.
Small businesses especially may not have the capability to support systems to keep their payroll functioning at maximum efficiency. The Institute of Chartered Accountants in England and Wales
quotes a survey undertaken in November 2016 by expense management company Concur, which found that fewer than one in five (19%) of businesses surveyed believed their payroll to be as 'efficient as it could be'.
The ICAEW also reported that payroll errors 'represent a considerable cost for UK businesses', citing research undertaken by accounting and business advisory group UHY Hacker Young in 2016. It was noted that the HMRC had collected £737 million in taxes and penalties after a crackdown.
Statutory changes, especially pension auto enrolment are a frequent cause of problems, especially for small businesses. At AMR our clients are businesses of every size, spanning a diverse range of sectors and we run payroll services at our clients' requested intervals.
Getting it right
Keeping the payroll running smoothly has a host of benefits for every employer and their employees. Time and cost savings are a huge benefit to the business; employees who are confident that that they will be paid correctly, on time and with a dedicated contact for queries will be engaged and efficient.
Why not contact us for a free payroll health check
. Our professional and friendly team will be pleased to discuss our fast, efficient service.