Ensuring your employees are paid on time and correctly, every time, is not just important, it’s absolutely crucial. And, as you begin to employ more and more people, payroll gains an even more significant role in the day-to-day running of your business. ICS Payroll are here to help you focus on your expertise, and can offer our 17 years’ experience in providing payroll services across a variety of industries.
Managing your payroll is a lot of responsibility and, with the constant changes in legislation, you need to be prepared to adapt and make the necessary alterations. For this reason, there are many advantages to outsourcing your payroll.
1. Keeping Up-to-Date with Legislation
Being aware of current rules and legislation is vital, but businesses often don’t possess the time or systems to do so, which is why many companies choose to outsource their payroll. After all, companies that specialise in offering payroll for businesses have the necessary knowledge to advise you of your responsibilities – and are up-to-date with the latest regulations as well as being aware of any forthcoming changes which could affect your business and employees.
When you outsource your payroll, then, you are also taking advantage of expertise built upon years of handling payroll, as well as qualified professionals who will be completing continued professional development, which can also give you the peace of mind of knowing that you can just put it out of your mind and someone trustworthy will deal with it with no additional effort on your part.
2. Pension Auto-Enrolment
While you, as an employer, understand that you have to offer a workplace pension to all of your qualifying employees, knowing the criteria and the options available to your business and employees can be unclear.
A professional payroll provider, such as ICS, can gather all the necessary information in relation to your company and employees, apply for pensions on your behalf, manage the implementation processes related to workplace pension schemes, and so much more. All in all, payroll specialists allow you to remain compliant when it comes to current legislation as well as ensuring your employees receive the relevant communication in an auditable fashion to satisfy the Pensions Regulator.
They can also help you to be aware of your pension contributions and ensure your business is prepared for the increased costs. A percentage is taken from the employee’s salary and you, the employer, must also contribute. These minimum pension contributions are required to increase on the 6th of April of 2018 to 5%, and to 8% on the 6th of April of 2019.
3. Cut Down Costs
For small to medium businesses, keeping an in-house payroll service is not cost-effective compared to outsourcing. If you include things such as software and training, printers, creating tax documents, etc., both costs and time quickly add up. Instead of investing in resources that will require training in order for employees to use, for example, outsourcing it can save you money in the long run and you don’t have to worry about hidden costs such as annual software licences and training updates.
4. Streamline Processes and Improve Efficiency
Outsourcing your payroll to a professional provider allows you to obtain comprehensive and accurate reports that will provide you with all the information you need to keep running your business efficiently, as well as clearly showing you the overall costs of your staff. These can include anything from payroll summaries and variance reports to general ledger reports and payment/deduction reports.
Having reliable payroll services is crucial. When you outsource your payroll, you aren’t relying on an individual, instead you are fully supported by a qualified team of professionals, so you don’t have to worry about output, speed and quality of work, as your employees’ holidays or sickness won’t impact these elements.
With an in-house service, on the other hand, you run the risk of losing a key member of staff that handles payroll and who can take their knowledge with them. This can cause problems when it comes to dealing with your business’ payroll, especially if you don’t have the time to train anyone or are unable to replace your employee.
Worries such as these are non-existent when you outsource these services with ICS Payroll.
If you are looking for someone to handle your payroll, ICS is a well-established payroll provider in the North West with a qualified payroll team at your disposal. We can help you to save time, money, effort and stress, so contact us today to learn more about how you can benefit from our services.