When your people are your most valuable asset, taking steps to protect them and your business is a no-brainer. Nurturing talent and growing a solid reputation require focus and attention to detail across a range of mission-critical systems. That's why outsourcing payroll functions makes sense.
At a time when employer obligations go so much further than simply generating a slip of paper, drawing on the services of Optimum Pay brings a range of wide-reaching benefits.
Here’s Carl Boulton, CEO at the Optimum Pay Group, sharing his five benefits of using a payroll service provider…
Tip #1 Business comes first.
"I always ask company owners - why did you set up your business?" says Carl Boulton.
"Whether it was to be the best in their chosen field or fill a gap in the market, nobody ever set up so they could run their own payroll services.
"And that's one of the best reasons to turn to an outsource payroll provider. You can concentrate on the real passion and reason you set up the business, by handing these critical services, that have got to be done, over to an expert like us. Because that is our passion."
Tip #2 Expert knowledge.
Using a payroll provider offers access to the very best minds in the profession. It reduces risk of error and opens up use of the most up-to-date resources.
Carl says: "Running a payroll brings with it great responsibility, whether it be offering advice on the latest tax and pension laws, or ensuring everything is submitted and paid on time.
"It can be complicated and time consuming but the major advantage of using our services is that this is what we specialise in, this is all we do. We offer peace of mind that responsibilities are being met in a timely and accurate manner. Just take a look at our 5-star Trustpilot rating and reviews."
Tip #3 Money in the bank.
Outsourcing payroll services comes in at a fraction of the cost of directly employing and running an in-house wages department. It cuts the risk of fines through error and gives the security of using technology and software that many businesses wouldn't otherwise be able to afford, saving thousands of pounds.
"Our terms and conditions are also designed to support business cash flow," adds Carl.
"A massive advantage is that we operate a 30-day invoice finance system, freeing up cash that can be spent on wages."
Tip #4 Full transparency.
Whether it is meeting minimum wage requirements, establishing a workplace pension, PAYE or following legislation such as the IR35 anti-tax avoidance rules, Optimum Pay works to ensure its clients operate within the law.
Simple processes make it easy for businesses to stay compliant, and in-depth knowledge of the latest tax implications can help directors to budget.
"At Optimum Pay we understand your business's legal obligations and what needs to be done to ensure they are fulfilled," says Carl.
"That gives our customers the confidence to go ahead with their business plans and strategies, such as taking on overseas projects, knowing they are meeting tax regulations."
Tip # The sky is the limit.
Outsourcing payroll services can equip businesses for growth. It lays down the foundations for an expanding workforce giving firms the confidence to expand knowing back office functions won’t let the side down.
"Using a payroll provider removes limitations," says Carl. "We do our research on issues such as tax implications meaning business owners can go ahead and open sales talks.
“At the moment Brexit is a key issue for our clients and we are working to support businesses, so they can cope with any likely effects without disruption or having to put plans on hold.”