IS OUTSOURCING PAYROLL A GOOD IDEA?
Released On 17th May 2023
As a business owner or finance manager you are probably aware that payroll is a lot more in-depth than just paying your employees. It involves a variety of tasks that usually require several team members and often spans across more than one department.
Outsourcing payroll has many benefits; it can help employers save both time and money. Not having to spend long hours on administrative work affords employers the ability to focus on business growth initiatives, and improved accuracy can prevent costly penalties.
The payroll department has to ensure they have all of the correct and up-to-date information for all employees, and collecting the relevant information for new employees, setting up automatic payments, collating and tracking timesheet information for employees, and calculating the wages due to all employees, ensuring payslip information whether paper-based or digital is completed and dispersed, plus managing information such as pensions contributions, salary sacrifice schemes
The advantages of outsourcing include:
- Keep compliant with changing legislation - there are over 100 pieces of legislation affecting payroll in the UK at the current time, staying on top of these is a challenging and time-consuming, especially when juggling this amongst many other responsibilities in your role, but it's essential in staying compliant.
- Saving time and money – outsourcing may seem like another expense that you don’t have the budget for but, the true cost of internal processing is often much higher than outsourcing when you factor in the cost of time and the number of team members that will have to have some involvement with it.
- Removing risk – often employers only have one person who runs your payroll for you and can’t afford to employ someone to support them. As a result, you have nobody in the organisation to help if your payroll person is ever off work unexpectedly. Employing a payroll provider ensures that this never happens – here at Albert Goodman we have a team of over 10 members of staff enabling us to provide payroll support to many hundreds of clients at once.
Albert Goodman's team of payroll experts can ease the hassle of managing your companies payroll requirements in-house, guaranteeing a worry-free payroll for you and your staff.
We specialise in the many complexities of regulations, legislation, and government compliance. Processing payroll is the core of what we do and outsourcing to Albert Goodman can save you time, reduce your costs and guarantee you a stress-free service every pay period.
