Payroll outsourcing can bring many benefits to your company. It is not just something that larger companies do, all sized companies can and should benefit from having an outsourced payroll provider.
Discover more about payroll and why you should choose to outsource your payroll in this article, so read on to learn more.
Payroll – An Introduction
Payroll refers to a company’s need to pay their employees. The employees are entitled to receive payment for their work. This is the total amount of wages that the company pays them.
Payroll is the process that includes collecting the list of workers to be paid and tracking the hours that they have worked. Payroll calculates each employee’s pay and distributes it to them on time, whenever the specific payment time for that company is. This payment is also recorded as a payroll expense.
Payroll also ensures that employees are being paid at the right time, with the right amount and into the bank or payment method that they prefer. Payroll can now be viewed via user-friendly interfaces electronically by employees, instead of viewing their pay the old-fashioned way, via payslip.
Should I Outsource Payroll?
Yes, it is a good idea to outsource payroll instead of doing it all yourself if you are the owner of a business with employees.
Outsourcing payroll saves you a considerable amount of time. Payroll required time, effort and lots of data calculations, with no room for error. This is time that could be spent by you elsewhere in your business, doing tasks that you are best at. Therefore letting a professional handle your payroll for your staff saves you a job and gives you peace of mind that things are being taken care of and handled correctly.
The Benefits of Outsourcing Your Payroll
Here we will talk about some more of the benefits of how payroll outsourcing works for your company, and why it is a good business choice to make.
Cost
We have already discussed the cost, whilst you may originally think that outsourcing can be costly for your business, especially if you are a smaller business. However, the cost of outsourcing payroll reflects the time your business can win back by not having to complete these payroll duties in-house.
Less Training
Having a professional take care of your payroll for your company means you can free up time for your own or an in-house staff member who would have to have all the necessary training if they were to operate a payroll system.
It can be time-consuming and cost your business to keep up to date with the latest legislation and tax procedures. It is much more efficient to have someone do it for you.
Experience Professional
You know from an outsourced payroll accountant, they do payroll for a living and have an experienced team behind them.
Any complications that come up your outsource payroll accountant will be able to sort, thanks to their knowledge and experience in the area. It pays to have a wealth of experience at your disposal.
Time Efficient
A payroll specialist will be able to complete your payroll tasks and handle your payroll at a speed that is greater than if you attempted to do it on your own. Your provider will already know the ins and outs of government legislation and so can complete tasks efficiently when required.
Reliable
By hiring an outsourced payroll professional you gain a quality payroll outsourcing service that you can rely on. Outsourcing your payroll and having someone to take care of your payroll system at any time. Sickness and holidays will be a breeze for a trained professional.
You will also gain that all-important accuracy from outsourced payroll professionals when it comes to handling your employee’s pay. This is something that your staff will greatly appreciate, as mistakes regarding pay, holidays etc. can be stressful for individuals.
Flexible
Outsourced payroll providers can be flexible to your needs and budget. With outsourced solutions you will not pay for something you do not use, pay only for what you need.
LJS Accounting Services Payroll
Invest in quality, expertise and knowledge. At LJS Accounting Services we can handle your payroll for your business, always finely tuning and checking legal protocols and procedures.
We have a full Outsource Payroll department at LJS Accounting Services, removing the time-consuming task of handling payroll by yourself. As head of a company, there can be a lot of things resting on your shoulders, let payroll be not another one of them and let the professionals handle your payroll today.
The worry of calculating tax, national insurance and payslips for your staff will all be taken care of by our experienced and professional team. We will process your payroll and handle HMRC on your behalf. Give yourself flexibility and balance your responsibilities whilst we handle payroll.
Find out more about the full range of accounting services that we offer on our website. You can also contact us at LJS Accounting Services today and get a clear idea of the costs. The number you can reach us on is 0151 601 0000, where a member of our team will be waiting to help.
Keli Evans, Director at LJS Accounting Services, excels in taxation and statutory accounts. With a focus on strong client relationships, she leads a diverse portfolio, overseeing vital financial aspects like VAT, payroll, pensions, and taxation with a holistic and committed approach.
