Many small businesses today are choosing to outsource their payrolls to external firms such as a payroll bureau or to their accountants. This is because over the last few years payrolls have become so complex and time-consuming, that many companies will actually save money by outsourcing their payrolls, and at the same time get rid of a process which has become nothing short of a never-ending headache.
Payroll services cover a number of employment-related activities undertaken by businesses. They include processing the payroll and providing payslips and P60 forms to staff, completing payroll year end submissions, calculating tax and National Insurance liabilities owed to HMRC, and managing pension auto-enrolment.
Processing payroll is a time-consuming business and is simply an overhead which many companies would like to do without. More importantly, payroll is so complicated that it needs many checks before submission in order to ensure that each employee’s pay cheque is for the correct amount and that everything returned to HMRC is accurate.
In fact, payroll has become a profession on its own over the last few years, because payroll experts have all the knowledge required to run payrolls correctly, and of course they will always keep up to date with the ongoing changes in regulations. This is something that may well be above and beyond the knowledge and abilities of staff members trying to do payroll in-house.
It is well worth considering adding payroll services to the other services that you provide to your clients as an accountant. Your practice can then become a one-stop shop that provides everything that your clients need, and of course you will generate more revenue for your business from clients who will be paying you on a regular monthly basis. Not only that, but if you run your clients’ payroll, all the data will be right to hand at the tax and financial year end, and for audit purposes as well.
As an accountancy practice, if you can offer payroll services to your clients you will also be doing them a service by carrying out the work for them, thus enabling them to devote more time to growing their businesses rather than worrying about taxes. For many businesspeople, accounting and payroll, along with auto-enrolment pensions, are simply “maths” and are something that they would like to get rid of.
Of course, it goes without saying that if you are going to provide your clients with payroll services, then you will either have to have the expertise yourself or hire a payroll professional to run that section of the business, or train one of your existing team to carry out the work.
Alternatively, you could simply outsource everything to us at Pay Check, because as a payroll bureau we are able to offer online payroll services for accountants as well. We can work with you in order to run your clients’ payrolls for them so that you can build up an extra income stream without actually having to do any of the work. Of course, you would not make as much extra profit as doing it yourself, but then at the same time you will not have the overheads of doing it either. Many of your clients will be happy to take advantage of your payroll service, even though you are using our online payroll services for accountants. As we see it, this is a win-win-win situation. Everybody is happy.
Your clients get rid of one of the biggest headaches that they have in running their businesses, you make more profit, and so do we.