Admin August 5, 2023
Business owners have a huge amount on their plates, payroll is just another thing to worry about when there is already so much to think of. Many business owners find the process of payroll overwhelming and difficult to keep on top of.
Thankfully, there is a way to deal with this… hiring a payroll company is a great way to keep this tedious task off your plate. An external payroll company can also ensure your business is keeping on top of the latest regulations and best practices when it comes to payroll.
PayrollPro (a payroll software provider) conducted a study last year that found as many as 87% of businesses made payroll errors in 2022. The same study also found that 67% of businesses made errors when calculating employee salaries and wages. Respondents to the survey reported errors in data entry, deductions and confusion around benefits and allowances as the main causes of these issues.
Making errors such as these can be inconvenient at best. At worst, they can actually be costly to your business. The ParollPro survey found that business owners were paying out an average of £500 each to correct these errors, with a quarter of people actually paying out over £1000.
Hiring a payroll company to take care of your payroll is a way to stay away from these nasty charges.
Naturally, payroll companies know everything there is to know about payroll and accountancy. But often, payroll companies are actually experts on small business in general. Payroll companies work with businesses of all shapes and sizes, in various sectors, meaning they know a thing or two about operating a profitable, successful business.
Payroll companies also know how to ensure your business remains compliant. Corporate compliance is a general term for any programme designed to prevent violations of standards, codes, regulations or laws. Many payroll companies can help you with compliance, ensuring you protect your business from misunderstandings.
The pandemic taught many harsh lessons when it comes to running a business. One thing many business owners took away is the importance of staying nimble. A payroll company can help you do this, scaling your business up or down as quickly as you need to, with minimal stress or headache for you to worry about.
If you would like to find out more about how our payroll company can help your business, just get in touch.
Follow us on: