Where payroll is concerned, the answer is three-fold, cost, continuity & compliance.
Let’s start with the cost & continuity…
The average cost of an experienced in-house Payroll Manager will set you back £32,500pa – that is over £2,500 per month. In addition, you will need payroll systems, maybe even time & attendance software. Then there’s business continuity; what about sickness, holiday cover, system failure & disaster recovery plans.. these all need attention and bare a cost.
While it’s true, you can run payroll yourself as a business owner, but the cost then is your time. It doesn’t stop at the end of the month either, you will need to plan for annual HMRC returns, pension re-enrolment, new tax year changes and keep up with legislation.
TOP TIP: Work out your hourly rate & how long you spend on payroll. By outsourcing, that money then could be spent productively on your core business activity. After all, time is money.
Equally, if not more important; Compliance…
That is both compliance with legislation to avoid hefty fines, and complete accuracy that employees receive payment accurately and on time. Incorrect or missed payments cause damages such as employee relations issues and reputational risk, as well as an unhappy workforce.
How can Your Payroll Manager UK help you - YPM has done the groundwork and has the framework in place to handle the highly repetitive procedures and deceptive complexities of payroll outsourcing. We invest in both the latest software and ensure our team are up to date with current legislation, saving you both time and money.