Outsourcing payroll has become more and more popular for many small and medium-sized businesses. This is especially the case over the last few years since HMRC introduced Real Time Information to the PAYE system in 2013. As you no doubt know, this means that employers have to submit tax deductions and reports to HMRC every time an employee is paid, rather than just at the end of the tax year.
The change made the payroll process more complicated and resulted in a proliferation in the market for payroll outsourcing. In fact, this is not just happening in the UK, but further afield as well. Deloitte has said that no less than 47% of organisations in Europe, the Middle East, and Africa are now totally outsourcing their payroll functions.
There are a number of very good reasons for this, not the least of which is cost savings. Rather than training a staff member to undertake the payroll on a couple of days a week, or whatever is necessary for an SME, investing in software, printing payslips, sending cheques, handling all the returns to HMRC, and so on, it can save a company quite a lot of money by handing it over to a specialist such as ourselves at Pay Check.
We have streamlined systems and can run even the most complicated payrolls smoothly and efficiently, and without making the errors that are often inherent when a member of staff is undertaking the work part-time.
As accountants, there are some good reasons why you should provide payroll services to your clients, not the least of which is that it can make your practice a one-stop-shop providing everything that your client needs. You can also generate more income for your practice. After all, payroll is something that your clients are going to need every month. In addition, you may find that it leads to more new clients who may not have considered your practice before.
The good news is that you don’t have to do the work! At Pay Check, our online payroll services for accountants mean that you can offer the service to your clients, and let our expert team handle all the work.
So, you can add another income stream to your practice, improve your relationship with your clients, and probably obtain new clients, and let our online payroll services for accountants take care of all the work.