In-House Payroll Vs Outsource - What you need know
One of the questions we hear time and time again is this: should we outsource our payroll or should we keep it in-house?
The answer depends entirely on who is asking. The question has to be considered on a case by case basis and requires some honest thought about your business.
Running a payroll requires staff time, the right software, staff training, with regular updates and refresh sessions and keeping on top of changing legislation. Essentially doing the payroll in-house is a great idea if you have the time and resources.
Alternatively you might want to outsource. There are clear benefits to this: you don’t need to worry about changes to legislation, the payroll will be run, regardless of staff availability, you won’t need specially trained staff members and you don’t need to invest in software.
Outsourcing your payroll means you can invest your business time and resources into actually running your business, focusing on operations, sales and marketing rather than on internal processes. It is easy and stress-free, most services just require you to send working hours over and they do the rest of the work. They will process new starters or leavers, they will run the payroll, ensure you are compliant with the law, including the fiddly GDPR issue, issue payslips and worry about the Year-End process and the intricacies of auto-enrolment.
Additionally outsourcing your payroll removes the risk of fines. Every week the media reports on yet another business facing huge fines for non-compliance, usually inadvertently. Outsourcing removes the responsibility to follow legislative changes and to implement them in time, and gives you the peace of mind that you are compliant.
We have extensive experience in payroll at Quinton Oakes and we are here to help you make the right decision.
Speak to us about your business, the business needs and the resources you have available, and we will help you pick the right solution. Once you’ve decided whether to keep it in house or outsource, we can also help you find the right software or service provider and can help you get set up, allowing you to focus on running your business.