Outsourcing payroll – would it work for your business?
According to recent research, outsourcing payroll is the fastest growing sector in the global human resources outsourcing market. Could this be a cheaper option for your business in challenging times? The key questions to ask within your business: What is... Read more
Blog31st Oct 2018
According to recent research, outsourcing payroll is the fastest growing sector in the global human resources outsourcing market. Could this be a cheaper option for your business in challenging times?
The key questions to ask within your business:
- What is it costing your business for employing payroll staff, payroll systems & training?
- Do you have staff cover for payroll processing during the holiday season or for sickness?
- Payroll is becoming increasingly complex – are your staff keeping up to date with the changes?
- If a HMRC inspector arrived in your office would you have the comfort there is nothing to be found?
- How much time is spent managing employee queries or re-running the payroll?
Outsourcing provides a number of advantages:
- Allows your people to focus on the business. The end-to-end payroll process can be very time consuming. This time could be better invested in focussing on the core business
- The costs of maintaining payroll systems and having the correct IT structure can be costly – not to mention disaster recovery! By outsourcing you are relying on the experts who have the integrated systems and disaster recovery processes already in place
- Payroll is evolving and is becoming increasingly technical. Training can be a time consuming and expensive. Remove the risk from your business and put the payroll in the hands of technical payroll experts where payroll is their complete focus.
- The penalties for getting payroll wrong can impact your business financially but also have a detrimental effect on staff morale. Providing the payroll to an outsourced team that has the experience and skills to provide comfort that it will be processed correctly and on time, therefore reducing further risk.
- Using specialists outsourcing will provide you with the knowledge that you are working within the legislation set. Businesses can be very reactive and in many situations can react quickly to meet their clients or staff needs but are you doing it by the book and within the best interest of the business. Technical specialists will provide guidance and support and will not think twice about challenging current processes to ensure you are acting in the best interests of the business and your employees.
- Do you find yourself constantly completing out of cycle payroll runs to make adjustments? Challenge why the errors are created in the first place. Do internal processes and systems need reviewed, do employees need educated about their payslip? Communication is key. Our outsourcing service provides support to both the business and their employees.
Whilst outsourcing may feel like it is putting you out of your comfort zone, it can be one of the best decisions your business makes!
If you want to know more please get in touch firstname.lastname@example.org or your usual AAB contact.