With the tax year ending in April, this could be the perfect time for you to reset and restructure some of your business’s financial processes. A key example of this is your payroll and if you were to move this to an expert third-party provider, you could open yourself up to a variety of benefits.
Below we’ve looked at some of these benefits in closer detail…
Outsourcing your payroll: explained
If you’re a little unsure about what outsourcing your payroll can involve, in short it’s putting your company’s payroll in the hands of external experts. If we take PayCaptain as an example, this particular provider offers cloud-based solutions where your business’s payroll can be automated and processed quickly and error-free. Solutions like this can also include apps for your employees to give them more control over their pay – to offer you just a few examples of the functionality you can get.
The potential benefits
So, if you were to consider outsourcing your payroll, you can open yourself up to benefits such as:
Time savings
Arguably the most obvious positive is that by taking the responsibility of your payroll away from your teams, they will have more time available to use elsewhere.
Reduced costs
At the same time, you will no longer need to have a payroll specialist working in-house – which depending on the size of your organisation can often be a team rather than an individual. So you’ll save here on the cost of employing these staff members.
Additional security
Any outsourced payroll provider worth their salt will also offer a high level of digital security with this important and sensitive information. Which in a time of increasing cyber attacks, can be an invaluable asset.
Extra expertise
As alluded to above, payroll management can require a specific level of knowledge and skill and again by using external experts, you can also get access to their often useful and innovative insights regarding your finances. Plus, legislation often changes around payroll and you can rid yourself of the need to keep on top of this by giving the responsibility to external providers.
No downtime
To build on that last point, you also don’t need to send your in-house team for additional training or qualifications – which can cause downtime. Moreover, you also don’t need to be worried about the knock-on effects and delays caused by payroll staff absences when using an external resource.
The bigger picture
When you factor in all of the above, your business can ultimately get the wider benefit of increased productivity and more availability. As a result, there’s nothing to stop all of this from being invested back into your company, potentially benefiting and supporting the growth of other core areas.
