What is the true cost of outsourcing your payroll?
How much do you value your time and what would you be able to do with your business with an extra few hours a month?
Let’s assume you’ve collated your employee’s hours, some may have overtime and deductions and you are sitting down to complete your wages. You then have to:
- Check for tax code changes
- Load up Sage (checking for software updates and notifications)
- Check for minimum wage changes
- Setup all new starters in the business, calculating which NI category they should be in
- Input all the employees’ hours
- Input all the employees’ deductions, checking that any from last month have been taken off
- One of your employees has been off sick this month so you need to process SSP for that month and adjust their basic salary. You need to calculate how much time they have had off in the past 12 months to ensure you meet contractual obligations
- One of your employees is going to be off on Maternity leave in a few weeks’ time and they want to know how much maternity pay they are going to be getting
- Have a draft run of the payslips to check they look ok
- Run the pension deductions for Auto-Enrolment, checking if anyone has opted out in the last month
- Have a final check over the payslips, looking to check tax deductions are sensible
- Print the payslips and reports
- Run the FPS Submission to HMRC for the pay period
- Run the EPS Submission accounting for any statutory deductions that you can make
- Check that you are paying the correct amount in PAYE by keeping track of your Employment Allowance
- Login to your bank and make payment
Does this take you 3 hours a month? Perhaps longer? And what about the other costs? See our prices page to see how much a recent client saved.
The top 5 reasons for moving to outsourced payroll:
- Compliance – HMRC payroll legislation is constantly changing, why not leave it to the experts who deal with hundreds of payrolls all day, every day.
- Time Savings – how much do you value your time? If you are also running your business, then payroll is a compliance task that is not adding value to your business. Why not utilise that saved time to grow your customer base or negotiate with suppliers.
- Cost Savings – you no longer need to pay for your Sage Payroll subscription, payslips and training. Not to forget that “time is money”!
- Extra Security and Confidentiality – you may not want your payroll processor knowing how much everyone in the business earns – or how much you earn! We offer a completely confidential and secure service.
- Expertise – most small businesses can’t afford to employ someone with the experience and expertise specifically to payroll. By outsourcing, you can have these skills at a fraction of the cost.
If you’re still unsure, contact Chris Calvert or the team to talk you through the process and provide a quote that is tailored to your company and your needs.