Payroll errors are much more than an admin issue for workers. In fact, 51% of employees surveyed in new research by Sage admit that it would cause them to lose trust in their employer - with over a third (35%) saying it would prompt them to look for a new job entirely.
So, it’s little wonder that almost two-thirds of all UK enterprises outsource their payroll services to safeguard their bottom lines and protect employee wellbeing.
Let’s explore the benefits for your business.
If you have an in-house finance department, you might be unaware that there are a huge number of benefits that outsourcing this function can have for your bottom line.
Business needs shift and priorities change over time, especially now. But how are you combatting this on a practical level? Outsourcing payroll gives you the flexibility to respond to real-time changes in your budget - and it won’t impact your workforce or slow down their salary payments.
Outsourcing your payroll services can save businesses money in the long run by reducing redundant systems. In fact, by outsourcing payroll tasks, businesses can avoid costs associated with hiring and training in-house payroll staff - as well as the linked office space and utility costs.
What’s more, outsourcing payroll services can help to prevent costly errors, such as miscalculating tax withholdings or misclassifying employees.
It’s no secret that payroll regulations can be complex and especially time-consuming to navigate. Choosing to outsource your payroll services to a company that specialises in payroll ensures absolute accuracy and compliance with regulations - whether domestic or international.
You’ll notice the time savings of outsourcing your payroll services immediately. It saves businesses time, allowing you to focus on other important tasks. By letting a specialised third-party company handle payroll tasks, businesses avoid spending excessive amounts of time on administrative tasks, such as data entry and payroll processing, freeing your team up for other jobs.
A leading benefit of outsourcing payroll is that you’ll have easy access to a financial specialist. If you have problems, qualms or concerns, they’re always on hand to advise.
Payroll companies employ professionals who are well-versed in payroll regulations, tax laws, and accounting principles - so choosing to outsource your payroll services means that you’ll benefit from industry experts without having to hire additional staff.
Scalability is crucial in any business. Fortunately, outsourcing your payroll services can be a scalable solution for businesses of all sizes. Specialists like Duncan & Toplis can easily handle payroll tasks for businesses with just a few employees, as well as those with hundreds or thousands of employees. This means that you can easily scale your payroll services as your needs change - without having to worry about how this will impact your employees.
Outsourcing payroll services is an especially cost-effective and efficient solution for businesses that want to streamline their operations and focus on core business activities. By outsourcing payroll tasks to industry specialists, businesses save time, cut down on associated labour costs, and ensure absolute compliance with payroll regulations.
Want to start making marked savings? Get in touch with our highly trained team today.