Why do SMEs outsource payroll?

Don’t talk to me about payroll

Payroll is a nightmare. Or, at least, it can be. And, as such, many SMEs would understandably rather it be someone else’s problem. Bonuses, deductions, student loan repayments, maternity leave pay – the list goes on. The stress of having to calculate all this, each month, coupled with the fear that any inadvertent mistakes might incur the wrath of HMRC (or worse, the wrath one of your own team who’s been accidentally underpaid!), is enough to send many business owners running for the hills. Admittedly, for larger firms, maybe it makes sense to have accountants and advisers handle all matters relating to payroll. Why not? They can afford it.

Do it yourself

If, however, your cash-flow won’t permit you to shell out every month for professional services then what other options are available to you? Well, there are software solutions, such as Sage or Intuit, which allow payroll to be carried out in-house. This approach affords companies a little more independence but doesn’t really save much money as doing things this way would require them to employ somebody for the sole purpose of running payroll. And don’t forget about those software licencing fees which can be far from cheap. Fortunately, change is in the air. One only has to look as far as Xero to see that the face of accountancy, bookkeeping and even payroll is evolving in new and exciting ways (maybe exciting’s not quite the right word!).

Collaborate and listen

We at Paycircle want to make things easier for SMEs. We want to put all the power in your hands whilst simultaneously alleviating you of those nagging fears of non-compliance. We’ve built a system which takes care of all the confusing calculations behind-the-scenes but also allows users to make changes and updates themselves, using our friendly user interface. It’s cloud-based software which lets everybody access the information relative to them via the online portal. Simple. You don’t even need to get rid of your accountant; they can have a login too. Paycircle encourages collaboration. So what are you waiting for? Click here to take a look around.

Tom Hart

Posted on Monday 7 Dec, 2015, 4 years ago

January 16, 2018

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