When you have a business to run, your time is of the essence. Managing your staff and their wages, plus all financial affairs for the business can start to eat into the time you would rather spend working on the business itself. If your company is growing and you have a number of employees and contractors to pay, you may be considering employing some payroll staff. However, this additional cost can often be too expensive for small companies. Instead, why not consider outsourcing your payroll management to a third party? We consider how using a payroll outsourcing company can actually cut your costs.
Flexible payroll solutions
By outsourcing payroll services to a trusted accountancy firm, you don’t need to retain a full time payroll team. Instead, you only pay for the services you need. This might take many forms, from introducing computerised account software to providing a monthly or weekly payroll service.
From PAYE to one-off and regular contracts, your payroll services supplier will make sure your workers are paid and that your tax obligations are met. For you, this means that you pay for what you need without the added expense of permanent staff. It also means that you can get back to what you do best: running your business and making it better.
In addition to making wage payments and managing employee taxes, a payroll management company can ensure that construction industry clients are fully compliant with the Construction Industry Scheme. HMRC requires a monthly return that includes all payments made to subcontractors in the construction industry, and failure to complete this return could result in a £3,000 penalty. Avoid the fine, and let expert accountants manage your CIS returns instead.
If you want to keep your costs to a minimum without compromising on quality, having your accountant do your payroll services makes a lot of sense. If we take care of your payroll and also your books, we can guarantee accuracy on reporting of wage and PAYE figures, and we already have the data sets and software access necessary to record transactions in your accounts. Mixing two important financial services makes a lot of sense for small companies, especially when budgets are tight, and you could make further savings by avoiding fines for incorrect PAYE returns!
Payroll outsourcing – where to find out more
If you’d like to discuss how to get help for managing your payroll services, please get in touch with us today.
Read more about our payroll management and CIS returns services here.