Benefits of Outsourcing Client Payroll Services for Accountants and Book keepers
Often SMEs find it challenging to hire fully-fledged professionals to take care of their accounting and bookkeeping needs. As a result, many small business owners have realised the benefits of outsourcing these functions.
Third-party accountants and bookkeepers are excellent at giving their clients time to breathe and shift their focus away from accounting and bookkeeping to other core business functions. Because of the nature of the services accountants and bookkeepers offer businesses, they are trusted with business-critical information and therefore seen as part of a business, which gives accountants and bookkeepers the perfect opportunity to expand their service offering and provide more value to their clients, often in the form of payroll services.
If you are an accountant or bookkeeper looking to expand your services in the UK, this blog is for you. Here you will discover the benefits of outsourcing client payroll for your accountancy or bookkeeping practice rather than processing and managing your clients’ payroll internally.
1. Generate new or more revenue streams
If you are an accountant or bookkeeper who doesn’t already offer payroll services, payroll processing and management is an excellent opportunity to generate new revenue. Your accounting firm need not worry about acquiring the skills and expertise needed to offer payroll services, as outsourced payroll providers can do the job for you. At the same time, you focus on your core or specialised accounting and bookkeeping services.
If you already offer payroll services, wouldn’t it be satisfying to give this responsibility to someone else and allow yourself and your accountants to focus on other critical tasks?
2. Overcome payroll compliance issues
As much as payroll processing and management are great money-making activities, they can be tiresome and even lead to legal problems when compliance issues arise. So, why put yourself through these when there are payroll specialists and compliance experts that can handle the tasks for you? Payroll outsourcing for your clients’ payroll processing and management is the best way to avoid non-compliance liabilities and save time and the money you would have spent on penalties or fines.
3. Improved data security
Protecting clients and their employees’ data is equally as important as complying with payroll legislation. Do you know how to keep your client’s information or data confidential?
If you outsource your clients’ payroll, you can be sure of staying General Data Protection Regulation (GDPR) compliant because outsourced payroll providers have the necessary tools to protect and manage clients’ data regardless of size.
4. Save money
Outsourcing your clients’ payroll processing and management makes offering payroll services more profitable because you can cut costs. For instance, you don’t need to spend money on software for payroll processing automation or organise payroll training sessions for your team.
You can also eliminate the cost of office infrastructure and the cost associated with paying additional salaries or benefits to your accountants. So, wouldn’t outsourcing makes sense for you financially?
5. Expertly done payroll
What can your clients compare to the reassurance of expertly handled payroll? By outsourcing payroll, accountants and bookkeepers can be confident in ensuring their clients that payroll experts will handle their payrolls and that they will be delivered as they should be. So, you need not worry about your clients’ payrolls or their employees’ payslips arriving accurately and on time, every time.
There are significant benefits for accountants and bookkeepers who start offering payroll outsourcing services, and when accountants and bookkeepers outsource their clients’ payroll instead of doing it themselves, it’s a win-win situation.
Partnering with outsourced payroll providers in the UK, like Pay Check, gives you peace of mind that you can grow your business whilst leaving your client payroll to professionals who share your stringent standards.
Pay Check is an outsourced payroll provider that has been partnering with accountants and bookkeepers for over two decades, so whether you have just 1 payroll or over 100 payrolls, or you are just starting to offer payroll services, we are here to help. Contact us today to find out how we can work together to create a rewarding and cost-effective partnership that benefits you and your clients!