Accounting isn’t the most glamorous of professions; in fact, is has a rather boring and staid image on the whole, but as a business owner, your accountants will provide you with essential financial data in terms of cash flow forecasts, balance sheets and financial projections for the future.
Another essential financial function any business needs to perform is that of payroll. It is essential that all employees are paid promptly, accurately, and that all required deductions are made without error, along with the production of the necessary reports which have to be submitted to HMRC.
This is a function which is often taken care of in-house in many small businesses in the belief that they are not big enough to warrant outsourcing payroll to their accountants. However, there is an alternative – an outsourced payroll solution.
Outsourced payroll services
While large corporations might simply hand off their large payroll requirements to their accountants, small businesses can now take advantage of many specialist business support services which have sprung up over recent years. Among these are outsourced payroll service providers such as www.berkeleyhamilton.co.uk, which unburdens your business of the regular monthly payroll tasks including all submissions to HMRC. Imagine, your staff all get paid on time, without problems, and all your payroll, tax, NI and other reporting requirements are taken care of by payroll specialists without any need for you to be involved.
Let’s be honest, payroll is an essential business function for your enterprise, but it’s definitely not something which is going to make your business grow and prosper. So why would you allocate valuable staff resources to such a task when there are highly qualified, experienced and cost-effective payroll specialists you can use.
What about additional costs?
Obviously, outsourcing your payroll will incur a cost. The question is just how much. This will depend on the size of your business, the complexity of salary structures, commissions, bonuses, etc. However, the good news is that in many cases payroll outsourcing can actually save your business money.
How is this possible?
When your payroll function is outsourced, there is no longer any need to employ people directly within your enterprise to deal with these tasks. You have no further obligation for paid leave, benefits or other employee related costs. You either free up those employees who are involved in this task at the moment to be engaged in other more productive tasks within the enterprise or you simply save on the cost of employing people to deal with such tasks.
While you may not want be able to warrant farming out your payroll to your regular accountants, today’s payroll service providers offer a highly dedicated, cost-efficient solution to managing your payroll needs – leaving you and your staff to focus on growing your business – which is far more important.