If you are a bookkeeper, one of your functions for your clients may be running their payroll. This is something that more and more businesses today are outsourcing because of the many benefits it brings to them. Not the least of these is the cost of doing payroll in-house, because it can get very complex and take up a lot of time which could far better be spent on other jobs such as gaining new customers and providing the products or services that they offer.
Of course, payroll is essential for every business that has employees, whether it is one employee or 500. However, doing it in-house can be challenging, and this is why businesses are outsourcing this function because of the difficulties that it presents and the time that it takes. However, the same thing can be said of bookkeepers whose primary functions are reconciling bank accounts, categorising transactions, taking care of billing and invoicing, cash flow management and preparing key financial statements. Arguably, the most important of these are cash flow statements, profit and loss statements, and balance sheets.
This is why, at Pay Check, we are seeing more and more bookkeepers outsourcing their clients’ payroll to us, because while it is a hassle for their clients - which is why they handed it to their bookkeepers in the first place – equally it then becomes a hassle for the bookkeeper.
The payroll functions that are typically outsourced to us are:
Running payroll and making employee pay and withholding calculations
Depositing funds directly or issuing cheques to employees
Calculating the taxes and making tax payments to HMRC.
Filing required government reports
Administering employee benefits
National Insurance contributions.
In addition, since the arrival of auto-enrolment pension schemes, many of our clients hand that over to us as well, because it is just another layer of complications that have been handed to businesses by the government.
Our payroll services for bookkeepers in London can take care of all this for you, leaving you more time to concentrate on your core business. This means that, among other things, you do not need to invest in software to run your clients’ payroll because we have everything that is required.
A BACS Approved Bureau
We are also a BACS approved bureau which means that we can send BACS payments on behalf of your clients to their employees, to HMRC, and third parties such as Childcare Voucher providers. This means that if you are a bookkeeper, all your client needs to do is to send us a single transfer of funds which we then BACS pay to their employees, HMRC, and any third parties. All this enables you to take care of your clients’ payroll for them without actually getting involved in all of the complex work incurred.
We also have a very strict Data Protection Policy at Pay Check, and we run tailor-made courses for our staff so that they are fully aware of the requirements of GDPR. We also offer you a fixed price for the work that your clients need, so that there are no hidden charges or extras.
Your clients’ payroll will be processed accurately without any mistakes. We also ensure that all submissions to HMRC are made on time so that there are no penalties issued to your clients.
In addition, we can handle all of your clients’ auto-enrolment pension requirements. These can become very complex with employees opting out, opting back in, and having to be re-auto enrolled after three years of opting out. Let us deal with all this so that your clients don’t have to, and neither do you.