Payroll
Payroll
A sloth yawning. Cooking a turkey. Your grandad telling his favourite story about when he was in the Navy. These things are time-consuming, but none of them compare to payroll.
Payroll services are time-consuming. It is also one of the most business-critical functions that must run smoothly so that you, your employees, and your clients are all happy. But what happens if your payroll manager goes off sick? Can you respond quickly to a change in government legislation? If not, that’s where we come in, but there are many other points to consider when it comes to payroll services.
What do payroll services include?
A small business payroll service will differ from a large multi-national company payroll service, but payroll packages will usually include:
- Data entry
- Tax calculations
- National Insurance
- PAYE
- Auto-Enrolment
- Pensions
- RTI provided to HMRC
- Payslips
- Official documents, e.g. P45, P60 and P11d
- Reports
- End of year summary
- GDPR compliancy
Why do companies use payroll services?
Do you think Superman did his own payroll? “Sorry Lois, I can’t save the burning school because I’m just sorting out my National Insurance contributions”. No. Superman will have outsourced his payroll services (we’re not saying it’s us, but we’re not saying it’s not).
Companies use payroll services because they can focus on all their brilliant superpowers, such as business development, sales, and communications, instead of playing around with numbers. In-house payroll services are money burners, so companies often use payroll services as a way of saving the business money. What’s more, a packaged payroll service means you don’t have to worry about compliance, regulations and legislation as accountancy firms have already got in-depth specialist knowledge.
Should I outsource my payroll to MSK Accountants Preston Ltd?
There are many benefits to outsourcing payroll services. Training staff can be incredibly expensive, as can buying the latest software. It also takes time to train employees. Outsource payroll to an accountant, and you don’t need to worry about any of this.
What’s more, outsourced payroll services are quick, speedy and efficient; a company that specialises in payroll day in and day out is likely to be better at complex payroll queries. Nowadays 61% of businesses outsource their payroll too, which suggests that thousands of companies prefer outsourcing payroll rather than doing it in-house.
