The Small Business Guide To Outsourced Payroll ServicesOctober 9, 2022
Categorised in: News
You’ve started a small business – that’s fantastic!
Chances are, it’s in an area or niche that you are pretty familiar with. In fact, it’s probably fair to say that your expertise regarding your business is second to none.
However, one thing small business owners often don’t learn when starting their business is how to manage all of the admin work necessary for your business to run smoothly, especially regarding staff.
When you have employees, one of the most critical tasks in a small business is your payroll.
No small business payroll, no staff – if you can’t deliver wages correctly and on time, your employees will leave, and all you’ll have left is your dream and passion, with no foundation to show it off.
What Does Payroll Entail?
No doubt you’ve had a job in the past where you’ve had to contact payroll and find out what’s going on with your wage slip. However, it’s fairly common for small business owners to be unclear on what payroll does as a department and how laborious and time-consuming, not to mention how highly regulated the job can be.
Put simply; small business payroll administers your employees’ wages.
However, it’s so much more than that. Small business payroll will also document absence, rate of pay, pension contributions, NI, deductions and bonuses to generate a payslip that is true to the working period of the employee. Time is of the essence for small businesses, and learning how to do all of this whilst you run your business is unrealistic at best.
Keep The Tax Man Happy
Alongside your staff wages, one of the essential payroll responsibilities is filing reports and paying taxes.
As an employer, you are responsible for setting up a small business payroll that takes care of employment taxes and ensures that they are submitted to HMRC correctly for both your business and your staff.
If this isn’t done correctly, it can result in hefty fines — a bill that no small business owner wants to deal with.
Do You Need A Dedicated Staff Member To Take Care Of Your Small Business Payroll?
Some companies will hire an in-house team member to oversee their payroll or do it themselves, but using outsourced payroll services is a sensible and cost-effective solution.
Hive360 can manage your outsourced payroll services and, by doing so, can bring many benefits to your small business, including:
- Saving time: You don’t have to figure it out yourself
- Minimising payroll errors: Our expert team can help keep your employees happy with the correct wage
- Staying compliant: We take on the responsibility of your tax liability, so you’re always compliant
- Reducing costs: By improving process efficiencies and reducing overheads, we can help you save on average £100 per worker per annum
- Maintaining strong security: All payslips are GDPR-compliant and encrypted for maximum protection.
How Can You Start To Use Outsourced Payroll Services?
At Hive360, we are good at the admin stuff and outsourced payroll services are one of the main areas of our solutions. We can step in and take on your small business payroll without you having to worry about a thing.
Get started on your journey to outsourcing your payroll services by finding out how much you could save with Hive360.