Should I use a payroll service? 

Running a business, particularly an SME where you’re hands on, isn’t easy. There are so many areas crying out for your attention on a daily basis that it can be challenging to manage them all expertly. You may be asking yourself ‘Should I use a payroll service?’.

One area that can hit the buffers very quickly is finances. You need to know what, who and when to pay while keeping up to date with the latest HMRC tax regulations otherwise you may face fines.

The good news is that there are talented and dedicated payroll experts out there like Three Counties Payroll who can make life easier for business owners. We’ve rounded up some of the benefits of outsourcing your payroll.

Save money

While it may seem like using a payroll service is expensive, it will save you money in the long term. Although bigger companies can afford to set up in-house payroll departments, smaller businesses are better off using effective, but reasonably priced payroll services.

Save time

How long does it take you to work out the details of your payroll? Hours? Days? Whether you send payments weekly, bi-weekly, or monthly, the process can be both time-consuming and intimidating. Outsourcing your payroll process eliminates the time spent on manual data entry, calculations, and double-checking. Even if you have thousands of employees, good payroll services have no limits on the number of employees you can process. Regardless of the number of pay cycles, payroll services make the process seamless. 

Accuracy

The effects of making mistakes when calculating your payroll payments can be far-reaching. For instance, there can be legal implications if you make mistakes in calculating your tax payments per employee and on your business. Employees will be unhappy, and quite rightly so, if you do not pay them accurately. Errors may take days to resolve, and you are likely to incur fines and penalties when those errors break the law. A payroll service ensures deductions, benefits, bonuses, and salaries are handled accurately, and no one is treated unfairly. Whether you are processing payments yourself or have an HR department, using a payroll management system makes the work much more accurate. 

Compliance

HMRC is continually updating its tax regulations and procedures. A good payroll service can help a company stay on top of the ever-changing tax world while ensuring you never run into trouble with the law. Payroll services ensure that employees are classified properly and treated fairly. They also provide enhanced security and privacy, ensuring that your data is kept confidential. You’ll be able to keep track of your expenditures and create a record of purchases, invoices, and payments. Such audit trails are helpful when your company is going through an audit process and allow you to maintain an overview of your financial health. 

Based in the heart of Worcestershire, Three Counties Payroll is dedicated to delivering an outstanding service for businesses of all shapes and sizes. Find out how we can help your company by calling our friendly team on 01905 622245, fill in our contact us form or email office@threecountiespayroll.co.uk

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