This week, September 4th – 8th, is National Payroll Week 2023. To mark the occasion, we have been collating and sharing a range of payroll-related myths via our social media channels that we wish to debunk. Tina Davies, the Payroll Manager here at Bevan Buckland LLP, has rounded up our myth buster series and emphasised the importance for businesses to structure their payroll function in a way that best suits their organisation.
Myth one: Only large companies need to outsource their payroll
In fact, even small companies, with only a few employees, can benefit from doing so. Third-party providers will have the technology, reporting capabilities, and expertise that small businesses can utilise to make payroll-related tasks more efficient and minimise errors.
Ultimately, the requirements of the business and the benefits available to them should determine whether payroll is outsourced, not the company’s size.
Myth two: It may be assumed that keeping payroll in-house is cheaper than paying for the service from a third-party provider
However, in-house payroll requires staffing costs (including recruitment and training), IT support, payroll software, and security precautions.
Additionally, the time spent on back-office tasks, such as payroll, could be better spent on revenue-generating activities.
Outsourcing payroll is a cost-effective solution that saves a business from spending on these expenses while saving the company time.
Myth three: The business will lose control over its finances or not have all the necessary information
In contrast, many providers will offer specific packages to meet your business needs, so you can choose which elements are still done by yourselves. You also maintain complete control and access to all of your payroll data, and the account manager will supply you with all the information and reporting you need, just as an in-house payroll manager would.
Myth four: Transferring from in-house payroll to a third-party provider may feel daunting, and many think it is difficult and disruptive.
This is untrue; many providers will have processes to ensure the transition is as smooth as possible and will supply you with clear information throughout the process.
Myth five: It may be believed that because the payroll isn’t in-house, it will lead to a more unreliable service.
In reality, an outsourced payroll service can consistently provide reliable, accurate data processing month after month, year after year.
Furthermore, an outsourced payroll service must provide confidentiality and processing accuracy and meet payment deadlines unfailingly; otherwise, its business would suffer. For example, Bevan Buckland LLP achieves payslip accuracy levels of over 99.85%.
Outsourcing payroll can take the pressure off in-house teams, as well as ensuring your business complies with legislative changes
Outsourcing payroll is useful because these dedicated providers will keep up-to-date with the constant changes in legislation, taking the pressure off in-house teams and freeing up time for them to complete tasks related to revenue generation or business growth. Here at Bevan Buckland LLP, our payroll team acts as an extension of each of our client’s businesses, always maintaining the highest standards of quality and transparency.
Get in touch for further advice or help with your Payroll
Bevan Buckland LLP offers the complete package of payroll services in Swansea, from processing the payroll to sending electronic payslips to employees. We can compile bespoke reports, and as we are also a BACS bureau, we can process payments directly to your employees and HMRC on your behalf.
All of our payroll bureau team in Swansea have specialist payroll qualifications. This enables any team member to process your payroll with confidence, accuracy, and on time.
For a free no-obligation discussion on how we can help your business, please get in touch by calling 01792 410100 or by sending us an email.