Why outsource your payroll and what to look for when choosing a provider?

1 You don’t have to worry about resources

Ever had the worry of a late payroll due to staff absence? If you outsource your payroll you won’t have to worry because it will be the providers responsibility to run on time. Pick a provider that has a sizable number of employees to cover gaps.

2 You don’t have to worry about changing legislation

When the law changes and the way you organise or run your payroll changes, it can be both worrying and time consuming. If you outsource your payroll all that stress is taken away.

3 Save your time and focus

You don’t need to spend time on payroll, freeing you up to build your business. The service should also answer all your staff queries.

4 It could save you money

You will minimise the risk of mistakes which take up valuable time and can cause upsets. You will also help to avoid HMRC fines. No more expensive computer issues. No more printing & posting payslips. Most businesses find an outsourced payroll service saves them money.

5 Experience and Quality of Service

How long has the service provider been operational? What do they look for when they recruit staff? Make sure you pick one with a proven track record of good service. Ask for at least 6 references and question any reluctance to provide – check them all as there is no better way of obtaining an unbiased opinion.

6 Reliability

Look for a provider with a proven reputation for reliability, accuracy and personal service – again check the references.

7 Pension auto enrolment

All employers must have a suitable pension auto enrolment scheme in place, running as part of their payroll. Make sure your provider has plenty of experience in dealing with this.

8 A pleasant experience

Nothing beats a one to one relationship – will your provider offer this or would you be passed around the place.

 

Read more about our payroll and auto-enrolment service at https://www.bookcheck.co.uk/payroll-services and decide for yourself if we can help your business.

This entry was posted in Payroll and tagged in Payroll Auto-enrolment by Caroline

Why statutory accounts are not enough

All companies need to file statutory accounts every year but it’s an open question as to how much value if any this information provides to the business. The issues include:

  1. Old information which is out of date - the earliest numbers are at least 12 months out of date, perhaps as much as 21 months if they are prepared just in time to file.
  2. Insufficient information: they are in a fixed format, abbreviated in some respects and are not user friendly.
  3. Difficult to understand: they are really in accountants talk, to a prescribed Companies House format, not easy
  4. Does not show gross margin percentages, charts, comparison over years
  5. No Cashflow information: how do you know that you will have enough cash to pay your team next week, next month or next year?
  6. No meaningful comparisons: in a growing or changing business comparing to last year is not helpful, you need to see how you compare to your plans.
  7. Only meet the needs of Companies House

What’s the alternative – customised management accounts precisely to your specification so that you can understand them and then use them to advantage in reducing costs, improving margins and boosting profitability. They will include KPIs – Key performance Indicators e.g. XXXX. You can even include benchmarking

Management accounts