Are You Frustrated with Your Payroll Department? Corient Can Offer a Solution

Multiple accountancy firms in the UK have invested considerably in their payroll department in order to manage payroll. But let’s face it, sometimes it becomes too much to handle because of multiple challenges, for example, the ever-changing regulations and complex tax laws, to name a few. With such challenges, it becomes difficult to run your payroll department smoothly. But there is a saying “Where there are challenges there are opportunities”.

With the tax year ending in April 2024, it is ideal for you to make an important decision that will bring a revolution in the way your payroll department operates. That decision is to outsource payroll to a service provider. Who are these service providers and what are the benefits you will gain from outsourcing payroll? We will explain all this in detail in this blog. 

What is Payroll Outsourcing?

Managing payroll through your in-house payroll department will put a strain on your finances. While it is an important function of your accountancy practice payroll is increasingly becoming complex due to multiple factors. All this makes payroll functions time-consuming and diverts your attention and personnel away from other important activities.

Many accountants and accountancy practices have faced this situation. Hence it is wise that rather than going through the financial strain and attention diversion, you must choose a payroll outsourcing service provider. A service provider will partner with you and work on the payroll work through their experienced team of accountants. Their expertise in payroll and the use of advanced technologies will ensure that your payroll runs are done regularly and on an accurate basis.

Benefits of Payroll Outsourcing

Payroll outsourcing has made life easy for accountancy practices that deal with payroll. The benefits offered by payroll outsourcing are so impactful that it is slowly but surely becoming an integral part of many practices. Let’s delve into some common benefits offered by payroll outsourcing.

Decrease in Administrative Burden

Under payroll comes multiple tasks like calculating taxes, processing expenses, and generating pay slips which can burden your limited-staffed in-house payroll department. To deal with this burden you will have to hire more staff or divert some staff members away from important business activities. Naturally, you would not like to face such a situation. Hence, you choose to outsource.

Under payroll outsourcing, your service partner will do all the tasks related to payroll on your behalf. This will save time for your staff members who can concentrate on other important activities and reduce the chance of hiring new staff.

Get Access to Tax Laws and Regulations Expertise

Your in-house team may lack the required experience in tax laws and regulations of HM Revenue and Customs. Moreover, these laws and regulations keep on changing, and keeping track of these changes is a task in itself. All this can be managed efficiently by outsourcing payroll.

Your payroll outsourcing partner employs an experienced team of accountants who are well-versed in tax laws and regulations. They will keep an eye on the changes that take place in them and ensure that your payroll is in full compliance with it. Thus, reducing the chances of legal complications and penalties.

Data Privacy

Cybercriminals are increasingly looking for loopholes in your system to steal your sensitive data and in the case of payroll, you are dealing with hundreds of employee’s sensitive information. Any theft of such sensitive data will only lead to the loss of the reputation of your accounting practice.

But your outsourcing partner will always employ strict data security protocols which include encrypted data storage, secure access controls, and regular data backups. These measures help minimising the risk of data thefts and unauthorised breaches and also help comply with the GDPR.

Payroll Accuracy

If your in-house payroll team is new and lacks experience then there is the possibility of errors being made. But such errors can cost you dearly and upset your clients if it occurs regularly. Also, there are payroll errors which if committed will lead to penalties, for example, incorrect or late submission of employee tax.

Only your outsourcing payroll partner can help you in this, through their experienced payroll accountants. They also employ specialised technology to increase and maintain accuracy.

Cost Savings in Operation

Reduction of operating expenditure is a goal that matters to accounting practices, big or small, and payroll outsourcing can help you in achieving it. To manage payroll, you will have to hire and train an in-house staff, plus set the work infrastructure in place for them. All this costs money and resources which can put your budget haywire. Hence, it is wise to partner with your payroll service provider who will offer its specialised services at a reasonable cost. You will not require to hire or train staff thus reducing the burden on your budget.

Conclusion

Now that you are aware of the benefits and with the April 2024 tax year-end approaching fast, it’s the right time for you to transition from your in-house payroll team to Corient’s experienced team of payroll accountants.

At Corient, we specialised in offering tailored payroll services for accounting practices. Our payroll teams have vast experience in multiple payroll applications such as Sage, Brightpay, Xero, Moneysoft, Earnie, Star Payroll, and several others. Our payroll services are designed to give your practice an edge in the market. Upgrade your payroll services by partnering with us and add value to your services. We can connect as per your convenience on a call or online meet where we can discuss in detail about our services.