- 0191 447 9119
- office@lscaccounting.co.uk
27 February 2019
Running your company’s payroll can be a complex and expensive process, especially for a small company. Why do it yourself when you can take the hassle free approach? Outsourcing your payroll has many benefits, here are 5 of the best.
There are various regulations when it comes to the payroll. For example, HMRC requires Real Time Information (RTI) to be sent to them before, or on the day, the payroll is run. If you’re late in getting this information to HMRC then you can be fined and charged interest on the late payments!
New regulations and laws are a fact of life. And being aware of them, understanding them, and implementing them correctly can create a lot of worry. By letting a specialist take care of this, it’s one less thing for you to have to think about every month.
Everyone likes to save time and money. It has a direct effect on your bottom line. Outsourcing your payroll can seem expensive at first, but when you look a little deeper for many companies it’s cost-effective:
– You don’t need to hire specialist payroll staff, pay for their training or buy the computer for them to work on
– You don’t need to buy or subscribe to expensive software (or take the time to learn how to use it properly yourself)
– You don’t need to buy any special stationery or dedicated printer for printing out your payslips
– If you’re not having to deal with the payroll you can actually get on with running and developing your business
Every company now has to provide a workplace pension should their employees meet certain criteria. For some employees, meeting these criteria can change on a monthly basis. And you as the employer are responsible for keeping track of this and making the right deductions against their pay. As Auto Enrolment is a legal requirement you must make sure you comply with it. Failing to get it right can lead to fines of up to £50,000!
In smaller companies, the payroll is either run by you or another member of staff. What happens if that person is ill when the payroll is due? By far the quickest way to upset your employees is to pay them late. This can cause all sorts of problems, from mildly disgruntled workers to demands for compensation if mortgage payments are missed.
There are many benefits to outsourcing your payroll processing. We’ve listed a few of the big ones. If you could save yourself some stress, time and money, why wouldn’t you?
LSC Accounting Ltd. is an expert in the area of Payroll. As a certified Quickbooks ProAdviser, with many years of experience and hundreds of happy customers, we can simplify your payroll process. We provide a friendly, efficient and cost-effective approach to accountancy. To discuss your requirements you can either contact us through our website or call 0191 447 9119.
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