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[02.10.2018]

Outsourcing Series: The Payroll Process

Welcome to the second blog in our outsourcing series. In this series we will be taking a look into the services which your business is able to outsource and the benefits of doing so. Outsourcing can be of huge benefit to your business, principally as it frees up time for you and your employees to work on growing your business. This blog looks at a key area for every employer, payroll, and how outsourcing it can help you and your business.

The Payroll Process

If you run a small business and manage your own payroll, the chances are that you’ve already seen first hand some of the problems that can inevitably arise. It’s a time-consuming and increasingly complex process as regulations change. The task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance.

Errors aren’t just inconvenient and potentially costly. They also have a human consequence. Your members of staff are depending on seeing their salary move seamlessly into their bank accounts each payday. There are mortgages, rent and bills to pay, which means morale can dip very quickly if there are glitches in the system.

Your Options for the Payroll Process

You can continue on with you or one of your staff members handling payroll in-house – perhaps combining the job with another important accounting role. Or you can choose to outsource the function to your accountant. Of course, there are costs involved in any decision to outsource. But when you factor in both the internal cost savings and the benefits available from the time you and your own staff will save, it can really start to make sense.

Benefits of Outsourcing Payroll

What if you are able to free someone up a day or two each week or each month, for instance? In addition, your staff need annual training which comes at a cost of both time and resources. How might that additional capacity help your business? There may also be savings on payroll software, which needs to be constantly upgraded to keep abreast of the latest changes in tax and national insurance.

By using your accountant, you can be sure of a reliable service that won’t come to a halt just because of holidays or illness. You also won’t have to worry about keeping your own staff constantly trained and updated. At the same time, you will remain compliant with HMRC and reduce any potential risk to the business which can arise from unfortunate errors.

Our Payroll Service

Here at DNG Chartered Accountants we provide a fully comprehensive and confidential payroll service, including:

  • Customised payroll process tailored to your needs
  • Administration of PAYE, national insurance and all statutory payments.
  • Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue
  • Summaries and analyses of departmental payroll costs
  • Administration of incentive schemes, bonuses and ex-gratia termination payments
  • Auto enrolment services including assessing staff, issuing statutory correspondence and processing pension contributions and opt in/out requests

Contact us  for more information on how our payroll services can help you and your business. Keep visiting our website and social media pages over the coming weeks for more blogs covering services that you may wish to outsource including preparation of management accounts, completion of VAT returns and other specialist business services.

Jeanette White

 

 

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