Nothing is more damaging to your relationship with your employees than not paying them on time. And nothing is more damaging to client satisfaction than dealing with disgruntled staff.
Payroll is not just your monthly payments to your staff however. Monitoring their time and attendance, calculating taxes and deductions, managing 3rd party benefits, auto enrolment and ensuring government compliance procedures are met all fall under the umbrella of payroll.
5 Reasons to outsource your payroll
Payroll mistakes can be painful, upsetting and stressful for everyone. Staff become demotivated whilst you take a reputation hit, sometimes worse. These mistakes are rarely anything more than simple human error due to a lack of experience. To avoid these human errors, we have process in place to ensure employees are paid the right amount at the right time, every time.
Like many aspects of accounting, payroll is a repetitive task that needs to be done on time and accurately. Whist extremely important, it’s time consuming nature takes you away from more strategically important activities such as securing new contracts, meeting clients, delivering projects or simply taking time out for yourself and your personal development.
There is the obvious time cost of doing payroll in house but there are also hidden costs many businesses are not aware of. Software, training, printers, distributing payslips, keeping apprised of changing legislation and creating tax documents all create additional time and material costs you might not immediately associate with your company’s payroll. Whilst a payroll provider might still cost more, these hidden costs will make the saving far lower than you thought.
Few businesses owners enjoy the accounting side of their business. It’s often seen as an un-enjoyable chore. It’s not what you set out to do so it’s no surprise when it gets pushed to the back of the queue and done last minute. Whilst some aspects of a business’s accounts can be postponed, payroll is not one of them. It must be done every month, on time and accurately.
Commission, bonuses, profit shares and dividends are just some of the financial incentives you might want to motivate your staff with but the added complexity this brings to your monthly payroll could put you off. By using a specialist to manage your payroll, you can start offering these incentives with no concerns over the added work they will create or incorrect payments being made.
What is included in managed payroll services?
At U&W Accountancy we provide a fully managed payroll service. Using the latest cloud-based technology, we remotely run your payroll while giving you any access you require including:
HMRC submissions and updates
Issuing P45s & P60s
Employers annual returns
Secure cloud-based payroll access where you need it
As part of our payroll services we include access to Brightpay’s mobile app. This means all authorised parties can securely access your payroll services wherever they are, allowing for multi-site, work from home continuity during events or problems outside of your control.
How do you arrange for managed payroll services?
Contact us by the form below or on 0161 443 2280. We also specialise in transitioning businesses from existing payroll systems and process to a fully managed one through us.