As a small business owner, you’d know the long hours needed to keep your business afloat. From designing winning marketing campaigns to managing inventory, there’s always something that needs your attention. Add managing payroll to that list, and it can feel like you’re constantly playing catch up.
Outsourcing your payroll to a specialist online payroll services company can take a load off your mind – and free up valuable time that you can reinvest into your business. Here are five ways a payroll service can benefit your small business.
The world of payroll is constantly changing, with new laws and regulations being constantly introduced. Trying to keep on top of the updates can be a full-time job in itself – and one that you probably don’t have the time for.
A Payroll Services Surrey company will ensure you’re always compliant with the latest legislation, so you can rest easy knowing that you’re not at risk of any penalties or fines.
There’s a lot of paperwork involved in managing payroll. It can be time-consuming and confusing, particularly if you’re not used to dealing with it regularly.
When you outsource your payroll to an online service, they’ll take care of all the paperwork for you. This includes issuing payslips, pension letters, SMP and SSP forms and preparing year-end forms such as P60s and P11Ds.
A payroll provider will make sure that your FPS and EPS submissions are made correctly and on time each pay run, and that the end of year return is filed on time, avoiding penalties and HMRC charges for late or incorrect submissions.
Many small businesses make the mistake of thinking that outsourcing their payroll will be expensive. In reality, it can help you save money in the long run.
Using a payroll service can avoid costly mistakes that could lead to penalties from HMRC. Moreover, you’ll also save money on things like stationery and postage, as most online services offer electronic payslips that can be emailed directly to employees.
Most online payroll services offer a wide range of additional services that can be helpful for small businesses. For example, some companies offer bookkeeping support and advices which can be invaluable if you don’t have your own accounts department.
Others provide online portals, allowing employees to view their payslips and payroll documents online. This can save you a lot of time when it comes to distributing sensitive paperwork to your employees and dealing with queries from staff members for copy documentation.
Outsourcing your payroll to an payroll service can be a great way to save time and money. It can also help you free up valuable resources that can be reinvested into your business. So, an online payroll service could be the perfect solution if you’re looking for a way to streamline your payroll process.