Best payroll for medium business

The Best Payroll Service for Medium Businesses

January 31, 2024

Categorised in: Medium business, Payroll

Payroll is an essential administration duty for every business in the UK. The smooth and accurate payment of your workforce is vital to your growth and success. But ideally, payroll should be the responsibility of trained professionals due to its importance and complexity, and the changing tax and compliance landscape.

For small to medium businesses (SMEs), payroll is often left to the business owner to manage. This usually isn’t because it’s the most effective solution, however – it’s just difficult and costly to staff an entire HR department for payroll services, particularly for smaller businesses.

This is where outsourcing payroll can help lighten your load – the payroll responsibilities that HIVE360s experienced team of experts manage include:

  • Secure payment of your workforce with GDPR Compliant Payslips
  • Management of all tax & NI calculations
  • Ensuring HMRC and RTI submissions are completed on time
  • Ensuring continual compliance against any Recent Legislative Changes
  • Administration of workplace pension contributions, and opt in/out
  • Administration of all pay & pension documentation

best payroll for medium business

Benefits of Outsourcing Payroll Services for Medium Businesses

Outsourcing payroll could mean the Best Payroll Service For Medium Businesses. HIVE360 offers an effective solution that gives you peace of mind; staff payslips are taken care of and available on a secure employee app that they can access 24/7, so you can focus on running your business.

Outsourcing payroll to a company specialising in payroll services frees up your internal resources; as your payroll service provider, HIVE360 handles time-consuming tasks like processing payments, generating reports, and managing compliance. This enables your HR and finance teams to focus on core business activities such as recruitment, employee development, and strategic decision-making.

Cost Implications of Outsourcing Best Payroll Service for Medium Businesses

Outsourcing Best Payroll for Medium Business rather than hiring internally can be a cost-effective solution too. After all, you’re only paying for the services you require, which keeps costs down.

Medium sized businesses can benefit too as HIVE360’s solution will succeed in streamlining payroll processes and leveraging economies of scale. HIVE360 can handle:

  • Calculations
  • Deductions
  • Tax obligations
  • Pension contributions
  • Compliance and legislation

Handling these parts of payroll reduces the administrative burden on managers and other employees. Additionally, outsourcing payroll services eliminates the need to invest in software, training, and ongoing maintenance, boosting your bottom line.

What’s more, you can change fixed costs into variable costs depending on your business’s current needs, and consequently, you can invest your money in other areas, whether it’s growing your business or rewarding your staff!

To find out how much your business could save by choosing the Best Payroll Service for Medium Businesses with HIVE360, visit this page and enter the information indicated for a personalised savings calculation. 

Business Cost Savings

Book an exploratory meeting

To book an exploratory meeting and learn more about why HIVE360 is the Best Payroll For Medium Business visit this page.