Do you know about the payroll services in the UK that there are over 30 million business in the UK and that 88%of them have less than 20 employees? That’s right. Accounting Services for Small Business is the engine of the economy.
But here’s the problem. Payroll services in the UK for small business , it’s a very complicated, exhausting thing, and it can get you into a lot of legal trouble if you don’t do it right. So, in today’s video we’ll be talking bout the five reasons why you must outsource your payroll today and who the best payroll service provider is.
As I said at the beginning, payroll services in the UK for small business can be a very complicated and potentially risky thing for you as a business owner.
So here are the five reasons why you need to outsource your payroll services in the UK for small business.
So, the first thing we need to look at is how east does your payroll company make it for you? So, what are some of the ways you want to talk about? Phone in your payroll? Email, fax, do it online. It’s about half the cost to outsource your payroll as opposed to doing it in-house. Can be a big savings.
How often did you find your clients outsourcing?
Quite a bit. A lot of people want to move from in-house to outsourcing because of some of the things that can do. You can make changes on the flu with employees. Calculations are done for you and it’s so easy to update the information.
Functionality is important because we have to look at the payroll company can actually do for you. What kind of services do they offer? Direct deposit. That’s a simple easy one. Are they doing electronic onboarding of employees so that the new hire paperwork is significantly reduced for you? Tax credit processing, with the payroll, being able to integrate your benefits. Time and attendance systems is also a big thing. And now you can do things like facial recognition and biometric time clocks. Those are the types of things you need to look at.
Accuracy is a big deal because there are a lot of stories that will come out about small payroll companies seemingly making the deposits for our client. And then before you know it, they’re living on a yacht somewhere. So, you’ve got to make sure they assume the liability for the work that they do, and that they’re actually making the deposits for you, because the average tax penalty is about $800 for a small business employer. So, are the taxes being done? Are the quarterlies being field? Is the year end work, like the W2s and 1099s, being done for you? This needs to be done and if a penalty comes up, the payroll company is going to absorb that for you.
This is a big one. It’s a scary topic because every state has different regulations that you have to follow as a business owner. Here in California, for example, we’ve had over 40 labor law changes in the last three years alone, but a few things to think of that go across the board. New hire reporting for child support enforcement, sick leave and PTO, minimum wage changes, things like that.
But another thing is reducing your legal fees. A lot of payroll companies now can help you with human resource services. Do you have an employee handbook? Are your policies and procedures up to date? Do you have your labor law posters? Are you doing background checkers? All of those things can be handled by talking with HR certified professionals.
I know compliance was a really big deal on the point. Service is a big deal for me. I know what its like to get good service from a payroll company and what its like to have bad service. And let me tell you, service can make or break a payroll company. I think service is everything because even if you have a good setup on the front end, if you have bad services, you’re not going to stay with that company.
So, what kind of support are you getting from the sales professional you work with, as well as the client services team on the inside. But you also have to look at some things up front. Are they getting great rating with the better business Bureau?
A plus rating is the best you can have. what are the client satisfaction surveys look like? And then there’s also something called a net promoter score. It ranges anywhere from negative 100 to plus 100 and it measure things like client satisfaction, loyalty, and would they refer that payroll company to someone that they know in business? Anything over 50 is considered excellent. How does your company measure up?
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