What Are The Benefits Of Outsourcing Payroll As An Accountant?
- September 1, 2019
- Posted by: Gary Parsons
- Category: Pay, Reward & Benefits
Outsourcing payroll has become an increasingly popular choice for both small and large businesses that operate across a range of industries. However, more recently there has been a surge in the number of accountancy firms that are looking to outsource their client’s payrolls. This is because more and more businesses are looking for a single provider to outsource both their accounts and payroll to – and accountancy firms have been quick to take up this opportunity and offer the ultimate package to their clients. However for accountants, the added time, effort and stress that comes with this has lead to them wanting to outsource their clients’ payroll, so what are the benefits that come along with this?
Cost and Time
The most obvious benefit of outsourcing your clients’ payroll comes from a cost and time perspective. Processing payroll requires a skilled team and the use of advanced payroll software, which come with a high cost. Naturally, the more clients you take on, the higher this cost to you will be. By outsourcing this process, you can more easily plan for the costs involved, and save the time involved with the job, making it much more efficient for you in the long run.
Reduce Your Stress
Accountants generally have a tight schedule, with many details and processes to manage for their clients, therefore by outsourcing the payroll part of the process, you can avoid the stress this incurs and ultimately, have one less thing to worry about. In some cases, this means that the service you provide to your client actually improves, because the processes that you do carry out can be done more thoroughly (without having to worry about spending time on payroll duties).
Offer The Ultimate Package
It is not uncommon for businesses to want to outsource their accounts and payroll to one provider, however, this can then put accountancy firms in a tricky position, do they want the added stress and pressure of dealing with both? By outsourcing client’s payroll, accountancy firms are still able to offer that ‘ultimate package’ their clients want, without the added responsibility or need to train their teams in new areas.
Adhere To Payroll Legislation Every Time
Payroll processing naturally incurs a range of payroll legislation, which has a large impact on the payroll process. Without adhering to this legislation, you could be in some serious trouble. By outsourcing the payroll process, you don’t have the worry about acting in accordance with this – it’s all carried out by your payroll provider.
Payroll Legislation – Updates
Expert Team Dedicated To Payroll
Why wouldn’t you outsource the payroll process to those who are experts in the field? In doing so, you can ensure your payroll provider is using HMRC-accredited software, using all the right processes, and adhering to all the correct legislation. This means that you can trust there are no errors as the payroll process has been carried out by a team that is dedicated to accuracy. More importantly, you can be assured that you are providing the highest quality service to your clients, and really build on that relationship you have created with them.
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Last Updated on 6 months by Hannah Ingram
