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[09.08.2017]

Taking the pain out of payroll

Outsourcing your payroll run can help reduce errors, says Jeanette White of Northampton based accountancy firm DNG. At the same time, it can ensure you comply with ever-more complex regulations, giving you peace of mind.

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. After all, we now live in a world of auto-enrolment and real-time reporting.

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.

So what are your options? You can battle 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.

What if you are able to free someone up a day or two a week, for instance? 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.

Although outsourcing isn’t right for every business – and you have to make a judgement based on your own particular circumstances – it’s certainly worth starting the discussion with your accountant. Too often, inertia and inaction can be an obstacle to real savings in time and cost.

Our Service

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

  • Customised payslips
  • Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay etc.
  • Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue
  • Summaries and analyses of staff costs
  • Administration of incentive schemes, bonuses and ex-gratia termination payments
  • Auto enrolment services

Click here to learn more about how we can help you and your business save time and money. Contact us to speak to the team to take the pain out of the payroll process.

Jeanette White

 

 

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