Why you should consider outsourcing your payroll
Payroll is a challenging and ever-changing responsibility, with frequent updates to legislation and processes.
It can often seem a little overwhelming.
Now, we understand that some people love running payroll – and that’s okay, we do too!
But, if payroll isn’t for you, we’ve created this blog so you can identify if an outsourced payroll solution is the right option.
The challenges of payroll
For some businesses, the resources to run an efficient payroll simply aren’t there.
To help you determine if payroll is causing your business issues, we’ve highlighted a few common challenges.
Payroll and pension legislation are always changing, creating a variety of challenges and compliance requirements.
If you don’t have a payroll professional managing the changes to legislation, it’s extremely difficult to maintain compliance and you could be risking a rather severe fine.
Running a payroll is often considerably more expensive than businesses first anticipate.
The payroll software licence, additional software upgrades, training costs and the average salary of a payroll professional all add significantly to your operational expenditure.
If you’re managing your payroll alongside your day-to-day responsibilities, important tasks may be pushed to the side-line to accommodate the time-consuming processes required to run your weekly or monthly payroll.
Our research found that professionals can save almost two days each month by outsourcing their payroll function, allowing time to be relocated to business-critical tasks.
How much time would you have to waste correcting an employee’s payslip or recovering a salary surplus?
Making one simple payroll mistake can waste a great deal of time but additionally, if the mistake results in employees being underpaid, you’ll surely damage your relationship with them.
By becoming overly reliant on one person to run your payroll you’re at risk of employees not being paid on time.
If that one person is on holiday, sick leave or has a family emergency, who’s going to process your employees’ pay?
The benefits of outsourcing your payroll
By outsourcing your payroll, you entrust the responsibility to an external team of trained professionals.
The aim of outsourcing is to remedy the above issues, taking away your payroll worries and providing benefits such as:
Save money: Don’t worry about the costs of software, training or keeping on top of your legislative responsibilities.
Increase productivity: Free up a number of hours each month by outsourcing your payroll, so you can focus on all the other aspects of your role.
Guaranteed compliance: You never have to be concerned whether your payroll processes are compliant or correct.
Improve security: When outsourcing your payroll, you can ensure your data will be held in a secure environment.
Reduce Stress: Eliminate any worries surrounding payroll and ensure peace of mind by entrusting the processes to trained professionals.
IRIS outsourced payroll
The IRIS Outsourced Payroll service was created utilising our 40 years of industry experience within a vast range of sectors, working alongside world-leading organisations of all shapes and sizes.
Whether you’re a sole trader, a construction company with thousands of employees or a General Practice, our IRIS Outsourced Payroll Team can run your payroll.
Our Outsourced Solution can
- Run your monthly payroll
- Calculate and generate your GP/SD55 report
- Submit BACS files
- Undertake your year end reporting responsibilities
- Automatically Enrol your eligible employees
- Digitally issue payslips to your employees
- Take care of your P11D production and submission to HMRC
But don’t just take our word for it.
Annette Canbas the Finance Account Manager at A.M. Nomikos & Son stated, “The transition to IRIS Managed Payroll Service was easy. Now all I need to do is add an extra column into my monthly spreadsheet and that’s it! I have already recommended IRIS to a number of friends and colleagues and will definitely continue to do so!”
For more information on how the IRIS Managed Payroll service can help you streamline your business, click here.