11.7.2023 | Tax

How to revolutionise your payroll practices

Clients see huge benefits when this task is outsourced, giving finance teams the ability to focus more time on growth and cashflow. 

A company’s payroll is, of course, a non-negotiable monthly task.

But it can be a dreaded one, using up a lot of time and resources.

Your firm’s finance leaders might not have considered outsourcing the payroll, but it’s worth considering when you factor in the time it takes and the stress it can cause the workforce.

We were interested to hear that a recent survey by 2020 Innovation found that nearly 60% of respondents said their company payroll took, on average, a whole day or longer – and one in ten surveyed said it took up to five days. That’s a big drain on your company’s time.

Interestingly, the same survey was carried out in Australia and New Zealand, and the answers were starkly different. Some companies said their payroll took just two to three hours.

It’s thought that the difference in the time demands are down to a few factors, including the red tape the UK is enduring because of Brexit.

But one of the main differences is the use of software and the outsourcing of payroll.

At Beatons, we really enjoy offering an outsourced payroll service and find that our clients see the value and added benefits immediately.

Beatons Director Stephanie Hammond explains:

“With data protection laws and seemingly endless legislation updates around pay, particularly for companies operating in various countries, payroll can be a pain.

“Businesses need to rely on staff members to have expert knowledge and need to accept that the payroll is a huge drain on time.

“At Beatons, we find that clients see huge benefits when this task is outsourced, including giving finance teams the ability to focus more of their time on growth and cashflow.”

Handing over responsibility for the payroll can bring a raft of other benefits, too, such as experts who can really champion your business, fixing problems before they hit where it hurts and advising on areas of practice that aren’t making the very best of your company’s finances.

Stephanie Hammond adds:

“Doing a company’s payroll means we get to really know that client, the scale of its operation and the people who drive it every day. It gives us great insight into areas that can be improved and lets us see the weight of the wages on the company, helping in the long run for us to advise on growth. We provide analysis of staff costs which can be key to making changes and understanding how your business is functioning.”

Beatons offers a comprehensive payroll service which includes:

  • Customised payslips
  • Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
  • Completion of weekly/monthly statutory forms to submit to HM Revenue & Customs under the new Real Time Information regime
  • CIS returns
  • Summaries and analyses of staff costs
  • Administration of incentive schemes, bonuses, and ex-gratia and termination payments
  • Administration of pension schemes

For more information, email info@beatons.co.uk or call the team on 01473659777.