As a new employer you may be wondering if it’s better for your business to operate your payroll in-house or outsource it to a payroll provider. Here are four questions you need to ask yourself before doing the payroll yourself and not outsourcing your payroll to a professional: –
- Will you worry about deadlines?
There are several legislation deadlines in payroll management and as an employer taking on payroll in-house you could add pressure to your workload with all the other business-related work you already have to deal with.
If the payroll is late not only will you get fines from HMRC but you will have unhappy employees. Outsourcing your payroll will have 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, and it means making changes in your payroll systems. This can be both worrying and time consuming. If you outsource your payroll to a professional payroll provider the stress of keeping up to date with legislation is taken away.
- Could running your payroll yourself cost you time and money?
Professional payroll providers run many payrolls a week so they know the systems inside and out. Doing the payroll yourself could cause risk of mistakes which then take up valuable time to sort out and can cause upsets with you employees. It can also incur HMRC fines.
Having a payroll provider will mean no more expensive computer software and no more printing & posting payslips. Most businesses find an outsourced payroll service saves them money.
- Do you understand the Pension auto enrolment Scheme?
All employers must have a suitable pension auto enrolment scheme in place, running as part of their payroll. If this is an area you are unsure of then having a professional payroll provider could really help as they would also deal with all pension related services.
If these are all questions you have asked yourself TI Accountancy may be able to help relieve the pressure and take control of your payroll for you. If you would like more information on our payroll services, please get in touch.