Payroll is something that, if you employ even one person, you will need to consider. But it’s not something that everyone is naturally inclined to think about – or even want to get involved in. So what are the options?
One idea is to outsource your payroll needs to a dedicated payroll company. But what exactly are the advantages of doing just that?
Giving you more time to sell is one of the main advantages. Working out the payroll is not a quick job, and to get it right (which is essential!) you will need to spend a fair amount of time on it. This is time that would otherwise be spent working on the business, selling, organising work and so on. So outsourcing your payroll will give you much more time to do the important things.
Another reason is that you are less likely to receive any fines from HMRC. Why? Because it you outsource your payroll you are putting it in the hands of people who do this work day in, day out. They know what they are doing, in other words, and they don’t have a million other things on their minds – such as running a successful business. If you’re not fully engaged with what you are doing, you could easily make a mistake which could lead to a fine – not fun at all.
Outsourcing your payroll needs also means that it’s one less thing to think about. And as you know, when you are running your own business you’ll have a lot on your mind. Removing just one of those things – your payroll – will give you a touch more breathing space, and take away some of the pain!