Not many people believe that using the services of an accountant to deal with your Payroll can actually save you money in the long run. However, it is true, as you are freeing up large amounts of time that would have been spent on Payroll in house, to spend on other more important issues regarding your area of expertise. Take into consideration how much more effective your business will be running if you have spent a lot more time working on it, rather than rushing the job? Please continue reading to find out more about accountants and their services around Payroll.
One of main reasons people think it is going to cost more hiring an accountant to do the job is because they don’t consider how much they actually spend doing it themselves. Things to consider when you don’t use an accountant are:
You have to pay someone in house to carry out the Payroll duties.
Whoever is dealing with Payroll is spending less time focusing on your business’s niche.
There are a lot of opportunities for mistakes to be made in the paperwork, and you may not be aware of all the rules and regulations set around Payroll.
Are you providing staff with professional wage slips and arranging all the end of year forms?
When you look at all the points above you can see a lot of money is actually being spent, so why not let an accountant take care of this time consuming task? The benefits of using an accountancy firm for your Payroll services are:
You can be sure all the right paperwork is being carried out efficiently and according to the rules and regulations, seeing as accountants are qualified in this area of expertise.
You are freeing up a great amount of time for your company to spend on other major aspects of the business. If you are not qualified in bookkeeping and payroll you will undoubtedly be spending a significant amount of time on payroll, whereas if you leave it to an accountant that’s one less hassle off your back.
Areas of improvement may be identified by the accountant for the benefit of the business such as overspending on staff, budgeting on overtime etc.
They have the ability to handle the administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc.
Customised payslips are provided for each individual employee.
To sum up, the key secret to succeeding in your area of expertise is to make sure you outsource your payroll needs to an accounting company. This way you know you are being left in safe hands, and can proceed with more important aspects of your business.