Outsourcing your Payroll to Augustus Payroll Services can benefit all kinds of businesses. First, it puts your Payroll into the hands of an expert and allows you time to focus on your business – What you know! It also takes advantage of technology and expertise that you may not be able to afford in-house or even be aware of.
Payroll is an essential process in all businesses’ however, it’s not critical for sales and business growth, which is why it can feel like a drain on work hours and resources that could be better spent elsewhere – to making your business money! In addition, Payroll is complex and needs running to specific deadlines and on a timely basis, so the function doesn’t go away once done; it’s a regular, reoccurring cycle.
The benefits of outsourcing your Payroll means you can
- get accurate, compliant Payroll on time, every time!
- Ensure data security
- Save on costs
- Get your staff time back – to make you money!
The benefits of outsourcing a business’s payroll function can vary from one company to another; however, some advantages are consistent across all businesses.
Payroll Accuracy and Guaranteed Compliance – Payroll errors are extremely common. Processing the average Payroll for one person requires 14 pieces of personal data; if one is wrong, you have a payroll error that can frustrate your staff and cost you money! In addition, late or incorrect submissions can lead to penalties and fines from HMRC.
Legislative compliance and reporting obligations can change. If you’re not keeping an eye on the ball, then changes may be missed. Staying up to date involves being aware of changes and implementing them into new processes as needed. By outsourcing, you take away that hassle. We employ experts and use specialised technologies and memberships to ensure payroll accuracy that’s processed on time, every time. As a result, we are the first to know of tax codes and legislative changes that affect Payroll and are adept at maintaining payroll compliance.
Did you know – HMRC Collect6s over £700m a year in Payroll errors
Security
There are security risks involved when managing confidential payroll data in-house, which include:
Data breaches by intention include disgruntled employees leaking confidential employee information.
Cyber attacks – These are very prevalent and real. For example, phishing emails into your business could trick employees into sharing payroll information via email.
Your business is responsible for ensuring staff data is kept confidential and GDPR compliant. By outsourcing your payroll functions, you can ensure state-of-the-art systems will protect your data.
Get time back
When you don’t know what you are doing, a job can take three times longer – does your business have this time to waste? I think the answer would be ‘No’ for all of the above. Outsourcing your Payroll gives your workforce their time back to focus on what your business does best. 30% of small businesses spend six hours or more each processing period on payroll processing, time that’s better spent elsewhere.
For a larger business, processing the Payroll of hundreds of employees requires entire departments dedicated to Payroll.
Did you know – 4 hours a week costs SMEs £8.72bn a year.
Cost Saving
Depending on the size of your business, outsourcing could save you money long-term. This allows you to access an efficient service without internally employing a dedicated person or team. In addition, it means you won’t pay additional employee expenses like Holidays, Sick, staff benefits or employer contributions towards pensions and National Insurance.
For new businesses’ it saves on infrastructure and reduces upfront start-up costs which can free up more money for shareholders and key stakeholders in your enterprise. Many companies can find that outsourcing their Payroll can result in cost savings rather than a costly outlay.
Payroll handling is time-consuming, and late filing of submissions or errors and omissions can lead to expensive fines from HMRC. In addition, legislation can change a company’s requirements, and it doesn’t take too long for penalties to add up, wasting company resources to correct errors and investigate the issue, leading to extra stress and administration and removing key staff from their everyday roles.
