Now is the time to outsource your payroll

While only the first week of September is National Payroll Week, we continue to do more by making the whole month Monahans Payroll Month, where we talk about a host of payroll issues that affect your business.

We continue our exploration of payroll by taking a look at something that will impact all successful businesses sooner or later.

Keeping pace with the payroll demands of a growing team can present a challenge for even the most well-organised business.

Whether you are hiring your first employee or adding your hundredth member to the team, every individual brings with them a litany of considerations that need to be adhered to, otherwise you risk noncompliance.

If you want to focus on keeping your business a viable success, it may be time to consider outsourcing your payroll.

What are the advantages of outsourcing payroll?

While smaller businesses will undoubtedly get more benefit from outsourced payroll than larger businesses, most companies would stand to save money by outsourcing.

Payroll is deceptively complex, hence why we have a whole month exploring the issues associated with it, and having an expert ready to go when you need them is essential.

You may be tempted to hire an in-house accountant, but that will add to your payroll concerns while you attempt to resolve the issue.

As employee costs include direct pay, mandatory contributions, and other expenses like benefits, recruitment, training, equipment, and overheads associated with employment, you will likely want to keep your team as agile as possible.

This means that leveraging an existing professional is beneficial than training one of your own.

Outsourcing your payroll also means that you can adjust the services you utilise based on seasonality.

Seasonal workers carry with them their own payroll concerns, and it can be useful to scale up your payroll support during times of the year when you rely on additional workers.

Depending on your industry, summer or the festive season tends to be the most popular time of year to leverage seasonal workers.

How do our outsourced payroll services support businesses?

As you continue to run your business, you will have discovered sooner or later that the guidance and regulations around payroll are constantly changing.

Whether this is the adjustment of the National Minimum Wage and National Living Wage, increases in National Insurance Contributions, or the changes to payrolling Benefits in Kind, keeping up to date with changes is vital.

We do not blame business owners for not having the time or energy to look through pages of Government guidance to ensure they stay compliant, but that is what is expected of you.

Instead of risking penalties and unhappy employees, you can leverage the services of skilled experts to ensure that all of your payroll concerns are addressed.

Payroll problems can spiral quickly as a business loses reputation and finds it increasingly difficult to hire new employees, all the while facing penalties and fines for breaching the rules.

It is a challenging fate that we would not wish on any business.

Instead of fending for yourself, focus your energy on keeping your business going and let us handle your payroll concerns.

Our team can take over entirely or work alongside your existing financial team to ensure you get the support you require.

Don’t let payroll compliance overwhelm your business. Speak to our team today!

Neil Manuel