Should you Handle Your Payroll in-House or Outsource It?
Over the last ten years, outsourcing payroll has become more and more popular, not only with small to medium size businesses, but larger corporations as well. At Pay Check, we have been in the business of providing outsourcing for payroll since 1996,so we have been around a relatively long time in this industry. However, our business has expanded considerably since the tax changes in 2013.
In that year, HMRC introduced RTI (Real Time Information) to the PAYE System which increased the burden on small, medium and large businesses. It meant that employers now had to submit tax deductions and reports every time an employee got paid rather than just at the year end. This change made payroll far more demanding for all companies in comparison to the laws in place before 2013;payroll now takes up a considerable amount of time. Furthermore, with these changes, there’s an increased likelihood of errors to appear in the payroll processing, which can result in fines from HMRC.
Of course, you can always employ an in-house payroll manager to handle all your payroll, but that means you have to pay another salary. You also need to have someone whom you can have complete faith in because they will have access to all of your employees’ confidential information, so you need to be certain that you employ the right person for the job.
Furthermore, when you handle payroll in-house, you are totally dependent on that individual. The designated in-house person responsible for your payroll will take holidays and will likely become ill at one point or another. Not so bad if it’s only a few days off, but a lot worse if it is a long-term illness. In addition to that, your payroll manager may decide to quit and go to work for someone else, which means that you have to find and train a replacement in double quick time. Your payroll cannot be held up simply because there is an issue with the person running it.
When you outsource your employees’ payroll to us at Pay Check you have none of these worries. We have a good team of specialists that are able to meet your payroll requirements. We also have people that get ill and take holidays, however the difference with us is that we have multiple other employees who are specialists in payroll and so we will always ensure that your payroll in done on time and is done accurately. Here at Pay Check, we pride ourselves on efficient, accurate, open and honest work.
Outsourcing your payroll to us frees up time and resources so that you can concentrate on building your business, which is what you should be doing rather than getting bogged down in mundane administrative tasks. This is particularly the case when you are building your business in its early stages. This is because you don't have the need for a full-time payroll manager, so you have to train one of your employees to undertake the payroll on a part-time basis in addition to their usual function. So, your payroll is being handled by someone who is not a specialist in the field and this is where errors may creep in. In addition, that employee still has to have holidays, may go sick etc.
When you outsource your employees’ payroll to us at Pay Check, not only do you have none of these problems to deal with, you will actually save money as well.