Do you need to outsource your payroll?

In the UK, there are around 1.4 million businesses that employ staff to run payroll in house. 

Running payroll can take up a large amount of time each month. There are multiple processes that need to be carried out to comply with legislation and to ensure workers are paid on time. 

There are around 35,000 medium sized firms and 7,500 large businesses in the UK that handle their payroll in house, any payroll issues within these firms can result in the failure of payment to members of staff, which can have a detrimental effect on employees lives and office morale. 

There is also a constant strain on businesses to keep up with the evolving regulations, including the introduction of real time information (RTI) to the PAYE system which can see businesses fined for failing to submit information to HM Revenue each time a worker is paid. Since RTI came into play in 2013 there has been a rise in businesses outsourcing certain aspects of their payroll and some businesses have outsourced their entire payroll due to fears of not being compliant. 

There is also the added stress of ensuring that employee’s data is handled in the correct way, keeping it confidential and secure after GDPR legislation came into play last May. 

Research from Sage, which polled 850 accountancy practices in the UK in 2018, found that 62% of respondents had adopted cloud based solutions. 

Outsourcing your payroll can save you money and most definitely time. If you are looking to outsource your payroll or for advice on using the cloud as a solution, please get in touch with your local Moore office. 

Leave a comment

 Security code