It’s often said that around 80% of businesses fail within a year of their launch, with issues such as growth and scalability central to their issues.
This is why so many businesses in the UK outsource their payroll, as this can help to reduce long-term costs and boost efficiency in the process. Here are three things to look for in a potential payroll provider:
The successful management of payroll is another stumbling block for startups, as this is a costly and time-consuming pastime that can quickly become unmanageable as entrepreneurs scale their business.
1. A managed payroll solution
One of the first things you should look for is a managed payroll solution, through which an expert service provider is empowered to oversee a tailored and legislatively compliant programme on behalf of your business.
Market leader Moorepay offers this type of solution, which is tailormade for new or startup ventures that are committed to ensuring that their employees are paid in full and on-time.
With a managed payroll solution, you can also outsource responsibility for data validation, calculation and processing, while an account will be set up on your behalf based on the precise information that you provide.
2. Data integration capabilities
The data integration capabilities of a potential payroll solution should also be given careful consideration, particularly when you consider the fact that companies tend to have existing business investments for benefits.
These can include general ledger software, point-of-sale (POS) systems and retirement packages, each of which plays an integral role in the management of your business.
You’ll therefore need a solution that integrates seamlessly with these existing systems, as this creates an easier to manage payroll function that minimises the risk of duplicated data entry and increases the efficiency of real-time reports.
3. Payroll tax compliance management
Payroll tax compliance laws are constantly changing in the UK, and it can be exceptionally difficult for businesses to keep pace with these as they continue to scale.
The failure to comply with this legislation can be extremely costly, however, so it’s important to invest in a payroll solution that can provide actionable assistance in this regard.
More specifically, you should look out for payroll providers that feature a tax compliance department, as this can assume responsibility for tracking legal changes and translating these into relevant and timely software updates.
In truth, most reputable payroll providers should have some form of tax compliance team or expertise, while also providing guidance for your firm’s end-of-year tax returns and financial processing.
More specifically, you should look out for payroll providers that feature a tax compliance department, as this can assume responsibility for tracking legal changes and translating these into relevant and timely software updates.
In truth, most reputable payroll providers should have some form of tax compliance team or expertise, while also providing guidance for your firm’s end-of-year tax returns and financial processing.
