How efficient is your payroll? Although it may seem obvious, maintaining a smooth and accurate payroll system is key to employee satisfaction and retention. In fact, MHR found that in 2022, almost 88% of organisations made payroll mistakes that led to employees receiving their wage late or incorrectly. Payroll mistakes can not only cause unnecessary stress for employees, but can also have a detrimental impact on your organisation’s reputation. But how can this risk be mitigated? One way to ensure your organisation doesn’t fall short on its payroll obligations is to outsource your payroll.
Outsourcing is the practice by which a business hires a third party to provide certain services that could typically be carried out in-house. As well as payroll, services such as human resources, legal advice and marketing can often be outsourced from well-established companies who can guarantee an efficient and comprehensive service, all while saving you money.
So, why is it so beneficial to outsource your payroll?
One of the key attractions to outsourcing any service is the cost-cutting advantages that arise. This is because it eliminates the need to invest in the equipment, software and talent required to carry out the service in-house.
Outsourcing your payroll reduces the risk of mistakes, helping to avoid disgruntled employees and save the time it would take to resolve any errors in your payments. Aside from this, there is a lot of information to consider when completing the payroll for your whole organisation, such as pension contributions, unpaid time off, or deductions for salary sacrifice benefits. For a small business, this can be difficult to track, whereas a team of specialist payroll advisors will be confident in handling the data as it changes from month-to-month.
Similarly, keeping up with the most recent legislation and remaining compliant to payroll standards can be intimidating, particularly for small businesses. When there are changes to national minimum wages, or tax thresholds and rates, you can rely on your payroll provider to ensure that their team is up-to-date with the latest standards, keeping your business fully compliant.
Outsource your payroll with EKW Group
At EKW Group, our growing team of dedicated payroll advisors are on hand to take care of your organisation’s payroll needs. With customer service at the heart of what we do, our CIPP-trained team provides a bespoke service, based around the individual needs of each client.
If you would like to discuss outsourcing your organisation’s payroll to EKW Group, please do not hesitate to get in touch with our team on 01942 816512 or email:
Kirsten Croston, Payroll Manager: [email protected]
You can find out more about our services here.