Should you outsource your payroll?
Posted 26 Jul 16
One of the main reasons a lot of businesses fail is the owners’ inability to predict the amount of responsibilities one has when running a company. From marketing and market research to contacting clients and tax and finances, it can be overwhelming to take care of all these aspects. However, the simple solution for managing all the tasks is outsourcing some of them.
The key to running a successful businesses doesn’t lie in your knowledge of all of its aspects, but rather in knowing the right people who can take care of them. Different tasks can be completed by various specialists, including financial advisors and accountants. However, nobody expects a staring business owner to invest all of their money in hiring specialists. That’s why you can start by picking one, who is absolutely crucial in running a successful business: your company’s accountant.
The accountant’s role isn’t limited to taking care of your taxes. They will help you better your company’s financial future by providing you with valuable advice on how you can manage your cashflow and understand your business expenses. Furthermore, they will deal with the administrative tasks, one of which is payroll.
Save time and money
One of the most interesting paradoxes of running a business is that spending money can often in the long run…save you a lot of money. This applies to only certain kinds of investments, but hiring a professional accountant to take care of your bookkeeping and taxes is definitely one of them.
The main struggle which comes with managing your payroll is to keep track of the deadlines and organising all the documents needed. As a business owner, you will want to dedicate all your time and energy to develop your company by increasing the quality of your products and services or searching for a powerful marketing strategy. However, if the responsibility of administering your payroll is on you, you might waste valuable time. Missing the deadlines will result in fines which not only will influence your cashflow, but also your credit score. In order to avoid any financial loses, hire a professional accountant, like Tawanda Accountants to save time and money.
Compliance and accuracy
Payroll errors are a common occurrence and are caused by the lack of knowledge of HMRC legislations. An experienced payroll administrator will know much more than how to write pay slips. They will be able to comply the payroll with tax regulations, due-dates and changes in company laws.
As HMRC legislations change often, it might be too difficult for a non-specialist to keep track of the new requirements. Outsourcing to highly qualified and experience accountant will ensure prevention of any accounting errors.
If you would like to find out if you should outsource your payroll and what other advantages come with hiring a professional accountant for your limited company, contact us today at Tawanda Accountants.