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Who’s looking after your business’s payroll?

London, UK (29/10/2009)

Outsourcing the payroll function of your business is a sensible option. It is a difficult function to do correctly without the correct training and qualifications and, with the confusing and ever changing employment tax laws, very risky.

There are many benefits to outsourcing, in particular your time will be freed up so you can focus on running your business and you will have the reassurance that you are making business decisions based on the correct information and that your documents are correct when you file them with HM Revenue and Customs.

The next big question is: how do you know who you should be outsourcing your payroll to?

The leading bookkeeping and financial management firm, The Local Bookkeeper, have put together several questions for you to ask, to give you confidence that you are outsourcing to the right place.

• How will you be sure that the service will be competent?

You could find someone who has been recommended to you by a friend or associate, this way you would ensure that the service you receive will be acceptable.

• Does the individual have qualifications and what qualifications should you be looking for?

You need to make sure that whoever is producing your payroll is professionally qualified in Payroll and is approved by a professional body to produce your payroll in the correct manner. Ideally, you should be looking for someone who is qualified by the Institute of Certified Bookkeepers.

• What will happen when they are away or ill?

It is unacceptable that your employees could be left in the lurch when your payroll professional is away, or ill, leading to your work not being completed in time. Your business never stops so why should your payroll? Remember to check, when finding a payroll professional what arrangements they have in place for back-up.

• Are they up to date with legalisation?
 
There are constant legislative changes which will affect the payroll in your business. You should find an experienced payroll professional who keeps up to date with all the changes. Without this, you could risk major problems within your team and even with HMRC.
 
• Do they offer a money back guarantee?
 
If the payroll is incorrect, what happens? You should have not have to pay more to amend their mistakes.  Make sure they will correct any mistakes without charging you for it.
 
Alex King, Managing Director at The Local Bookkeeper adds to this, “payroll is an important facet of any business and it should be managed by a competent professional who is up to date with the latest legalisation.”

To conclude, your payroll is an extremely important part of your business. If this goes wrong, you could find yourself in a very sticky situation. Therefore it is essential you spend time sourcing and qualifying the right financial management professional to do your job. Your payroll depends on it!


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