22 Nov The benefits of letting an accountant handle your payroll
When you run a small business, you’ll often find yourself spinning a lot of different plates in order to keep your company running smoothly. From frontline sales and marketing to HR and account management, you won’t necessarily be in a position to have a dedicated employee or team for every essential job.
Taking all of these tasks on yourself can be a major drain on your time and resources, making it difficult to give everything the full focus that it often requires. Certain tasks may also be outside your comfort zone, leaving you vulnerable to errors that can cause major problems down the line. That’s why it’s important to identify areas that you can delegate to others, giving yourself a little breathing space and the opportunity to focus on core elements of growing your business.
Payroll is one of the fundamental responsibilities of any business owner, and few would list it among their favourite things to do. It’s for this reason that more and more business owners are turning to accountancy firms to handle this vital but often confusing and time-consuming task.
Working with an accountant means you can rely on a seamless payroll process in which your employees will always be paid on time and correctly – something which is often crucial to employee satisfaction and retention, as well as key to maintaining a good reputation as an employer. Accountants can also make sure that tax, pension and National Insurance contributions are calculated accurately, helping you to avoid potentially expensive repayment issues in the future.
Accountants should also have access to payroll software that you may not be familiar with, meaning they can process your monthly outgoings faster and with a higher degree of accuracy. Trying to do your own payroll without this software can become increasingly complex and time-consuming as your business grows.
If you’re a smaller business, you may think that the cost of working with an accountancy firm is unlikely to be practical. However, at SQK accountancy, we specialise in affordable payroll for smaller businesses, with costs starting from as little as £1.75 per payslip. When you factor in the saving you’re making in time and resources by turning this responsibility over to us, it’s easy to see why so many small businesses consider it an investment well worth making.