PAYE - Payroll software or outsourced payroll?
Many small businesses rely on the support of accountants to ratify their payroll, as part of the overall accounting process. As the economic environment transforms, business adapts, staff working hours and contractual terms become variable and the complexities of these changes can overwhelm standard accountancy support.
Put simply, business owners often come under pressure as the business needs outgrow the accountancy method but feel that investment in an in-house payroll team isn’t justifiable. Two options become available, bring in-house payroll software or outsource the payroll.
Is software the hard or soft option?
There are plenty of different software solutions out there. By investing in one, you will continue to feel in control of the payroll, and ultimately be responsible for the security of personal data and be on-hand to remedy any inaccuracies as they occur. Considerations should include the software’s integration to your existing systems, such as time-management and accounting packages. Additionally, compatibility with the HMRC, and data security are essential features. You’ll also need someone to manage the payroll, understand the process and compliance issues. It’s something some owners take upon themselves or use a member of the existing team for. Either way, consider the time and training requirements that will be necessary. Owners can feel that software is the cheaper option, but don’t always appreciate the true extent of the time required or the implication of costly mistakes, however unknowing, of non-compliance. Keeping abreast of legislative and regulatory change can also be time consuming and intricate. If you have queries, or problems is there a readily available helpline for support? Something else to consider when weighing up the options.
Is outsourcing the optimum choice?
When you outsource the payroll to an experienced company, you’re in the hands of people who are totally engrossed in payroll. Unlike you, it’s their sole focus. Choosing outsourcing releases you to focus on your business and get the best value from the time you spend on it. The onus of responsibility shifts to the outsourced payroll provider. It’s their business to keep on top of tax and pension laws and the implications of constant changes in legislation and regulations. Intricacy, accuracy and reliability is what their reputation is built upon. Ensure you check out impartial reviews from their clients. The perception can be that you need to have a significant number of employees to substantiate outsourced payroll. This is not the case, there are bespoke, flexible outsourced payroll options to suit every business type and scalability means affordability.
In summary, before you opt for payroll software, consider the optimum solution. Get in touch and discover why we’re entrusted by hundreds of businesses with vastly varying needs to be their outsourced payroll partner. You’ll find us approachable and we speak your language.
Take the stress of payroll away, the Optimum Pay Group way, enquire today.