Should you outsource your payroll?

Without a doubt, payroll is challenging at the best of times, and in recent months, the COVID-19 pandemic has amplified the typical complications while simultaneously adding new considerations and tasks.

Understandably, it can all seem overwhelming and is the reason we frequently hear, ‘should I outsource my payroll?’

In this blog, we’ll delve into a few payroll processes, helping you identify whether your function belongs in-house or should you consider a payroll outsourcing service.

Payroll year end

For those managing a wide array of responsibilities, payroll year end can be an incredibly challenging time of year as it requires a lot of attention and resources to get right.

Outlined below are a few of the processes you’ll need to manage each year:

1. Provide employees their P60
2. Process holidays over the transition
3. Prepare for week 53
4. Process any leavers
5. Send your final FPS
6. Submit your report to HMRC

Payslip delivery

Payslip delivery is an enormous part of any payroll, and if it’s not run like clockwork, it can quickly become incredibly challenging.

The difficulties become especially apparent if your still physically printing and posting payslips as the process is not only time-consuming but also prone to human error.

This is why we advise all our customers to make the move to digital payslips, a message we find ourselves pushing even more now that home working is becoming engrained as the new norm.

COVID-19

The pandemic has shaken the very fabric of society, and no part of our daily lives has remained unscathed, especially not payroll.

Business grants and support such as the Job Retention Scheme and Job Support Scheme have all made payroll far more complex and time-consuming, requiring professionals to manage rapidly changing legislation.

Variable pay factors

An aspect that can often fly under the radar when considering the complexities of payroll is variable pay.

Factors such as part-time workers, holiday pay, bonuses, sick pay and overtime can all significantly impact your payroll, making the process far more demanding.

How can outsourcing payroll help you?

By enlisting an outsourced payroll provider, you’re shifting the responsibilities and challenges outlined above on to a highly skilled team of experts.

The result being a wide array of benefits ranging from cost savings to enhanced security and even reduced stress as all your worries surrounding payroll vanish.

IRIS Fully Managed Payroll

Utilising our 40 years of experience, we’ve created a Fully Managed Payroll service that offers an all-inclusive price with no hidden costs.

When you choose to outsource to our BACS-Approved payroll bureau, you’re entrusting not only your payroll but your legislative and reporting responsibilities, so you can focus on what matters most to your business.

A few key features of our payroll outsourcing service include:

• Accurate payroll with on-time reporting
• Automatic Enrolment
• No days off, we’re always there for you
• Advanced reporting
• Digital payslip distribution
• Managing your payroll year end

Robin Dawson, Finance Director at Poupart, left us this fantastic comment regarding our service, “I no longer have any concerns regarding payroll, employees are paid correctly, and nothing has ever been delayed.”

For more information on how our IRIS Fully Managed Payroll service can support you, click here.