When starting your own business you may try keep as many processes as you can in-house to cut down on expenses. However this may become counter productive when the business starts to grow as processes will take up more time and resource internally. Outsourcing allows the businesses not only to leverage their professional expertise, but also sufficient time and resources to focus on their core functions. This article will cover 5 benefits of using a Payroll Bureau to outsource the payroll function within a small business.
This article will cover the following points:
- Resource and time to focus on core business activities
- Increased security and lower risk of error
- Professional and positive employee experience
- Regulations compliant
- Scalability
Resource and time to focus on core business activities
When organisations outsource their payroll to a payroll bureau, doing so helps reduce costs, increase efficiencies, and save time and internal resource. Rather than spending hours on manual data entry, researching legislature, and double checking numbers, an outsourced function enables you to focus on other core HR activities with the leftover resource you had from the payroll function.
Increased security and lower risk of error
It is imperative for a business to have a secure payroll function. This is because it includes multiple individuals personal information which, if in accessed by the wrong hands could be dangerous. It is also imperative to have have accurate staff payment process as employee’s will be very sensitive over pay with livelihoods to support. Outsourcing payroll to a payroll bureau will guarantee accuracy, so you can ensure that your workers get paid correctly and promptly, every time. You won’t lose your employees’ trust from forgetting their overtime pay or getting their hours wrong, and you won’t get audited by the government when the numbers are always accurate.
Professional and positive employee experience
Providing your employees with a professional payroll experience will promote positivity within the business. Ensuring wages are sent on time and payslips are sent consistently in a professional format will show that you care about your employees and value their time. Not following these steps could be detrimental to business as you will quickly gain a bad reputation for not paying staff correctly.
Regulations compliant
Trying to have an understanding ever-changing payroll legislation can be challenging. A payroll bureau will provide a secure service that ensures your business is complying with HMRC requirements. This means your business will avoid hefty fines and penalties for any discrepancies.
Scalability
Outsourcing the payroll function takes a way the worries of needing extra resource internally when taking on new staff. Having this support will allow you to scale up quite quickly. When hiring new staff all you will need to do is contact your payroll bureau with their information, leaving things like the set up process, auto-enrolment and other requirements to the payroll bureau to handle. You will have peace of mind things have been set up correctly and in a fully compliant manner.
Onyx Payroll Bureau Services
Onyx Payroll Bureau has recently partnered with a new payroll software called Pay Dashboard.
Our Onyx Pay service Dashboard allows employers to send, and employees to receive payslips through a fully secure and GDPR-compliant portal. This will completely enhance and simplify the way Onyx currently sends payslips on behalf of our payroll clients. Paired with our new Payroll Payment Service this will provide a complete end-to-end payroll service.
Onyx Pay Dashboard is safe, easily accessible, environmentally friendly, and most importantly a legally compliant service which also provides interactive information on your total company payroll. For more information on our Payroll Bureau services please see our dedicated web page here.
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Do you need help with payroll? If you have any queries regarding information in this article, or want to discuss further, please give us a call or e-mail us at enquiries@onyx.accountants for a FREE no obligation consultation.
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Call us on 0121 753 5522 or 01902 759 800. We look forward to hearing from you!
