3 Reasons why April is the time to outsource your payroll
Wouldn’t life be simpler if no one got paid? Probably not, but it may have crossed your mind. The thought of having to organise this month’s payroll sends shivers down the spines of many accounting staff and business owners.
I think we can all agree payroll is challenging. There are new legislations to be aware of, new tax requirements, personnel changes, HMRC to think of, and we haven’t even got to Auto Enrolment yet. Without a strong knowledge of the payroll procedure and industry best processes and technology in place, it’s very easy to make mistakes. When little mistakes begin to creep in, the proverbial hits the fan.
Why you should get moving on outsourcing your payroll in April
If ever there was a time to outsource your payroll or change your current supplier it would be now. Here are 3 good reasons why:
- Lack of risk. Moving to a new payroll supplier is never without the odd omission and fault here and there. Payroll providers are far less likely to take on a new payroll client mid-year and likewise, it’s unlikely to be at the top of a business owner’s to do list with the risks being so much higher. Transferring figures and the overall work involved to get everything in place is far greater. 6th April marks the start of a new tax year, meaning the slate is wiped clean and we start afresh. It’s easier for you, your new supplier and your existing supplier. Everyone’s a winner!
- You don’t have to involve your existing supplier. If you happen to have reached a breaking point with your current supplier, you can actually move without them needing to provide any information.
- Auto Enrolment is coming. 2017 will see the biggest number of businesses staging for Auto Enrolment since the Workplace Pension Reforms started four years ago. According to recent figures from The Pensions Regulator (TPR), over 800,000 small businesses are set to reach their staging date. Auto Enrolment has a disproportionate effect on hard-working smaller businesses, where the business owner is often the MD, the HR manager, marketing and the Finance Director. Setting up a pension scheme can seem complex and a little daunting, however, there are payroll suppliers such as ourselves who are ready to manage Auto Enrolment and offer full support for small businesses.
What do I need to do next?
If you’re currently unhappy with the way in which your payroll is being processed now is the time to act. The added burden of making sure your business is ready to set up a workplace pension scheme may be more than a good reason on its own to outsource your payroll to an experienced and reliable professional. You may have already received notification of your staging date, but if you’re unsure you can find out on the Pensions Regulator website.
You really do need to plan to implement this correctly and avoid any potential penalties. We’re a next-generation accounting firm and ready to help. There are no set up fees and we’re offering payroll free for the first 3 months. There are other benefits to working with us:
- Positively 100% paperless because it’s simpler, faster and cost-effective
- Accurate. And on-time because that’s just a given.
- Reporting to continuously monitor developments
- Auto Enrolment ready