Payroll

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

Brexit – the importance of sound Management Information

However you voted and whatever your view of the future, one thing is clear – prompt and sound quality MI has never been more important, yet the majority of UK businesses are missing a trick as they don’t have it. The norm is to fly by the seat of the pants, with information limited to sales, order book and bank balance and not always all three.

But what about profitability? The usual missing gap is profit & loss reporting, crucially by sectors of the business. For instance our company is two quite separate services: book-keeping with management accounts; payroll with auto enrolment. They are different in many ways, particularly in their profit margins. Mix them up and the picture is cloudy – which is causing the improvement or deterioration? The only way to know and be in a position to action the right area is to split the reporting. Do you?

Before you spring into action, just check that you’ve covered an important word above – quality. There’s no point in expending energy, time and cost to produce unsound information. That’s worse than useless, it’s potential misleading and possibly even dangerous. It’s all or nothing - either it's fit for purpose or don’t bother.

Yet achieving fit for purpose is not difficult, it’s simply a matter of finding the right skills. And if you don’t have them then outsourcing is the answer, simple really.

If we may use this word then make sure that you are in “control” of your business. Your MI will therefore need to include regular forecasts.  During transition it will be worth looking out for assistance as we head into uncharted waters. This will of course apply especially to exchange rates which are bound to be volatile for some time.  

Brexit has brought a lot of uncertainty but also opportunities. You can remove a critical part of your own uncertainty by producing top quality MI – this will be the biggest step you can take to improving your profitability whatever Brexit produces.