STOP .. Ask yourself these four questions before you consider doing your own payroll
As a new employer you may be pondering that it may be easy for your business to operate your payroll in-house rather than outsourcing it to a payroll expert.
Here are four questions you need to consider before doing the payroll yourself:
- Do you worry about deadlines?
There are regular legislation deadlines in payroll management and as an employer taking on your company payroll you will be adding pressure to your current workload with all the other business-related tasks that are on your desk.
If payroll related submissions are late not only will you get fines from HMRC but you may have disgruntled employeesand that would be disastrous for moral.
Outsourcing your payroll will give you peace of mind as the providers will be responsible for running the payroll on time and for the payroll provider this is their only focus.
- Will you have time to keeping up to date with HMRC legislation?
Government laws change constantly, even more so since Covid-19 raised its ugly head, and it means making constant changes in your payroll systems.
This can be both worrying and time consuming.
Outsourcing your payroll to a professional payroll provider eliminates the stress of keeping up to date with government legislation.
- Could running your payroll yourself turn out to be more expensive than outsourcing it?
Professional payroll providers run many payrolls a week so they know the systems inside and out.
Processing payroll yourself would mean that any mistakes made would take up valuable time to sort out and can cause upsets with your employees. It can also incur HMRC fines.
Outsourcing your payroll will mean no expensive computer software, no printing & posting payslips. Most businesses find an outsourced payroll service saves them time and money.
- Do you understand the Pension auto enrolment Scheme?
Since October 2012 all employers have to provide a suitable auto enrolment pension scheme to their employees, running this is part of your payroll. There are many pension providers and their prices vary vastly.
Outsourcing your payroll would mean having a professional team to help you steer through everything pension related as well as payroll services.
Still convinced that running your payroll is easy? Then hey we wish you luck …
But if you’re starting to think outsourcing may be a better idea then maybe, letting you know that our prices start at £15.00 per month for payroll and auto enrolment is just the revelation you need to let us take it off your hands??
We’d be delighted … ring us on 01229 490341 or email us on payroll@tiaccountancy.co.uk
