5 Reasons to Outsource your Payroll Service now

If you are a UK Accounting Practice looking to improve t­­­­­he scope of services offered to clients, or a business looking to increase the efficiency of Payroll services, you should consider outsourcing to a supplier such as Initor Global.

Initor Global has been providing end to end Payroll services to Accounting Practices and other businesses across the UK since 2006. Our customers rely on us to provide a fully compliant service, meeting the needs of their clients and employees. We asked our customers to highlight the reasons why an effective Payroll outsourcing solution is important to their business, here are the top five reasons they told us about.

Reason 1: Payroll services must be fully compliant with HMRC’s rules, legislative changes and data protection requirements

Unsurprisingly, the top answer from our customers was the need to stay ahead of legislative changes and comply with HMRC’s complex rules. The need for assurance over the security of data also scored high among our customers’ priorities.

Many UK Accounting Practices and small businesses struggle to find the experts they need to provide a fully compliant Payroll service. At Initor Global, our team of experts provides the peace of mind you need that your Payroll service complies with all regulatory requirements, from applying the latest National Minimum Wage amount, to pension auto-enrolment. Our team is comfortable working with all cloud-based accounting and Payroll software, providing assurance that every Payroll run is accurate and filed on time, ensuring you reduce the risk of incurring fines or penalties from regulators.

Initor Global is GDPR and ISO27001 compliant, providing the peace of mind you need that your client data is always secure.

Reason 2: Reduce costs while ensuring the quality of services

Many UK Accounting Practices feel the time and effort involved in engaging an outsourced Payroll supplier exceed the benefits secured. However, our customers typically reduce their costs by about 50% when compared to the equivalent service provided in-house. Many of our customers found the review of internal systems and processes undertaken to implement an outsourcing solution secured wider efficiencies for their business, such as the automation of tasks and more effective document management.

With an outsourced supplier firmly focussed on delivering the services you need, you can drive up the quality and accuracy of your clients’ recurring Payroll, reducing the risk of those punitive fines from HMRC.

Reason 3: Extend the scope of services to meet growth targets

Almost all UK Accounting Practices, regardless of size, will have growth plans based on the take-up of additional services by new or existing clients. Using an outsourced solution allows your Practice to scale and confidently offer Payroll services to meet your clients’ needs. Outsourcing Payroll services ensures your team has the capacity to deliver the growth in revenues planned and that your clients have access to all of the services they need as they prosper.

Reason 4: Mitigate the risks of recruitment and retention failure

The high costs of recruitment, and other risks around the retention of accounting and payroll professionals, have never been higher in the UK. Many UK Accounting Practices provide their Payroll services using a dedicated team of qualified individuals. The Payroll service is seen as specialised and is not part of the core accounting business. However, reliance on a small team presents a high risk of service failure should individuals leave a Practice at short notice, and you cannot always engage a suitably qualified or experienced individual when you need them. With an outsourced Payroll solution you have access to a settled team of experienced individuals who can provide the continuity of service your Practice needs.

Reason 5: Remove recurring tasks to develop people

Some UK Accounting Practices are concerned about outsourcing any service because of the perceived negative reaction among their teams. However, many of our customers have seen an improvement in staff morale due to the removal of recurring tasks from the day-to-day workload of Payroll professionals, who have more time to spend understanding the needs of clients and upselling services. Less time is spent on recurring tasks such as processing the monthly payroll and data management, allowing individuals to focus on their continuing professional development and building the skills needed for the future growth of an Accounting Practice.

Conclusion

Our clients provided an excellent insight into the reasons why an outsourced Payroll service is ideal for their Accounting Practice or business. Initor Global provide all end to end payroll services, including: