Is it a good idea to outsource your payroll?

Payroll is difficult enough at the best of times, but the COVID-19 pandemic has exacerbated the usual complications while simultaneously adding new considerations and tasks.

Understandably, it can all seem overwhelming, which is why we frequently get asked, "Should I outsource my payroll?"

In this blog, we'll look at a few payroll processes to help you determine whether your function should be handled in-house or outsourced.

Year-end payroll

Payroll year end can be an extremely difficult time of year for those managing a wide range of responsibilities because it requires a lot of attention and resources to get right.

A few of the processes you'll need to manage each year are listed below:

• Employees should be given their P60.
• Process vacations during the transition
• Get ready for week 53.
• Any leavers should be processed.
• Please send your final FPS.
• Send your report to HMRC.

Payslip distribution

Payslip delivery is a huge part of any payroll, and if it isn't done correctly, it can quickly become extremely difficult.

The difficulties become particularly apparent if you are still printing and posting payslips by hand, as the process is not only time-consuming but also prone to human error.

This is why we advise all of our customers to switch to digital payslips, a message we are emphasising even more now that home working is becoming the new norm.

COVID-19

The pandemic has shook the very fabric of society, and no aspect of our daily lives has been spared, particularly payroll.

Payroll has become far more complex and time-consuming as a result of business grants and support such as the Job Retention Scheme and Job Support Scheme, requiring professionals to manage rapidly changing legislation.

Variable pay components

Variable pay is an aspect that often goes unnoticed when considering the complexities of payroll.

Part-time workers, holiday pay, bonuses, sick pay, and overtime can all have a significant impact on your payroll, making the process far more difficult.

How can you benefit from payroll outsourcing?

By hiring an outsourced payroll provider, you are delegating the above-mentioned responsibilities and challenges to a highly skilled team of experts.

As a result, you'll enjoy a slew of advantages, from cost savings to increased security to reduced stress as all of your payroll concerns fade away.

IRIS Payroll Management

We've created a Fully Managed Payroll service that offers an all-inclusive price with no hidden costs, based on our 40 years of experience.

When you choose to outsource to our BACS-Approved payroll bureau, you are entrusting not only your payroll but also your legislative and reporting responsibilities to us, allowing you to focus on what is most important to your business.

Our payroll outsourcing service includes the following key features:

• Payroll accuracy and timely reporting
• Enrollment by Autonomy
• We don't take vacations and are always available to you.
• Reporting in advance
• Payslip distribution via digital means
• Managing your payroll at the end of the fiscal year