Outsourcing payroll: what you need to know
Payroll is the process of ensuring your employees get paid on time and the right salary, as well as deducting the right amount from their pay for tax and pension purposes.
It is very common for business owners to outsource their payroll to their accountants and expert payroll services providers. Outsourcing payroll means that you trust a specialist in the field to manage your payroll activities and ensure that employees get paid on time.
Payroll is often outsourced to experts as there are a lot of regulations that need to be followed for compliance purposes. Payroll and pension setup are extremely complicated and regulated, which is why it’s best left to compliance experts.
What else do I need to know?
Why outsource your payroll
Not only should you be careful and responsible with compliance around payslips and paying employees, but there are many other benefits to outsourcing.
It frees up a lot of your time.
Payroll is time-consuming. People come and go from companies, tax codes change, hours worked might be different every month, salaries change, and payroll specialists need to be on top of this in order to update records and payslips with the right deductions.
Outsourcing your payroll gives you back your time. Then, you’re able to invest this time back to parts of your business that need more care.
You avoid extra costs.
It is cheaper to outsource payroll to an external provider than handle it in-house. Think of costs for training and payroll software when managing it in-house.
When handling payroll in-house there are costs such as paying for employees to manage it, paying for their National Insurance contributions and pensions. Secure software for effective payroll is also necessary. There are extra costs for training and equipment too, as well as paying HR to employ and handle this process.
Lastly, workplace pension setup and software is often an extra cost as the payroll and pension systems don’t often match, and employers need to pay extra fees for upgrades that consolidate both services.
All this hassle can be avoided when payroll is outsourced.
Less stress for compliance
Compliance is taken care of for you when outsourcing the service.
For instance, when Husky takes responsibility for your payroll, we help you stay compliant and lawful at all times, avoiding potential fines in the future too. Our expert team is fully trained and knowledgeable on handling legal and policy issues.
And if you’re worried about a potential breach or mistake in your procedures, we can always fix it for you.
How do payroll outsourcing services work?
For your peace of mind, you have decided to outsource payroll to a specialist in this field.
Now what?, you ask.
Payroll professionals are responsible for keeping records of your employees and how long they are working for, in order to pay the right salary.
They deal with the payroll processing on a monthly and/or weekly basis, handling salary changes, new joiners and leavers, sick pay and holiday pay. They make the right calculations and deductions and pay employees accordingly. They produce the payslips and submit them to HMRC.
They look at timesheets and handle each employee’s account and payslip with expertise.
Why is Husky’s outsourced service different?
Husky brings together all the elements of payroll in one service, including workplace pensions and Salary Exchange management.
Automation, integration and great customer support is the key and Husky’s mission to making payroll work.
Employers depend on payroll to work. Employees depend on payroll to be right and on time. But the way payroll gets done hasn’t changed much in the last decades. At Husky, we believe that it’s time for something better.
Working with a leading cloud-based payroll software solution integrated with Husky’s award-winning workplace pensions setup-and-run service and having a team of payroll and auto-enrolment experts, your payroll is in safe hands.
We don’t only manage your payroll, we manage your workplace pension from start to finish, setting up your scheme when necessary and ensuring you are compliant with the legislation. It is the law to have a pension auto-enrolment scheme in place for all employees that qualify for it. But it is often difficult to keep track of pension contributions for those that their pay varies every month. And it is unlawful to not make the right contributions for your employees. But combining payroll and pensions in one service, helps deal with these issues.
Outsourced payroll is easy
Outsourcing payroll is not only for big corporations with thousands of employees but also for small to medium sized businesses too. Payroll is a service for everyone.
Made to make your life easier. Find out more with Husky.