Dealing with payroll in-house can not only cause a major administrative headache, it can create a significant risk to your business.
Payroll comes with its own complex set of rules and risks to navigate. Get it right and you have simply kept the cogs turning behind the scenes, get it wrong and the consequences could be disastrous. It’s understandable that organisations want to keep key functions within their business but when it comes to payroll, specialist support can be invaluable. Outsourcing payroll not only removes a stack of digital paperwork from your to-do list, it can also protect you from harsh HMRC penalties and ensure that your employees’ data remains safe and secure.
Here are 5 important reasons to outsource your payroll function:
1. Save Money
One of the biggest reasons to use a professional payroll provider is to save money. Dealing with wages in-house may seem like an opportunity to keep your outgoings down but in the long run, it’s unlikely to add up. The specialist software, the dedicated employees, the time and the resources, they all have a significant cost attached. Choosing a dedicated payroll service means you can budget for a set monthly fee which is likely to come in under the cost of running an in-house team.
2. Avoid Penalties
Navigating the complex (and ever-changing) HMRC rules can be exhausting, and failure to comply can lead to a significant penalty fee. By engaging professional support, you ensure that your payroll is managed in compliance with government rules, including the onerous Real Time Information (RTI) requirements. Your time is too precious to spend wading through jargon and extensive legislation, so why not leave it to the experts?
3. Focus on Core Functions
Your core business is your priority. Supporting customers, engaging new clients and developing innovative products or solutions – these are the areas where your organisational expertise is most valuable. By outsourcing non-core functions, such as payroll, you free up time and resources to concentrate on the parts of your business that matter most.
4. Keep Information Secure
With the introduction of GDPR, it has never been more important to keep information secure. Handling payroll information means controlling a wealth of sensitive employee and financial data which can pose a huge security risk. By outsourcing payroll services to an ethical and accredited supplier, you can be sure that your data is in safe hands and subject to appropriate safeguards.
5. Access Expertise and Technology
With a great payroll supplier, you have access to expert information at your fingertips. Leaving you able to access personalised advice on everything from regulations to complex payroll structures and scenarios. It also ensures that you don’t have to worry about accessing or maintaining the latest payroll technology.
At Mango Pay, we combine broad industry expertise with a people-focused approach that helps us to deliver ethical payroll solutions to agencies and contractors. Get in touch to discover a tailored solution that supports the unique needs of your business.