One of the most powerful allies of a modern accounting practice is an outsourcing partner. Increasingly, accountants are exploiting services available through outsourcing companies to diversify their business with minimum investment.
Outsourcing, with the flexible workforce to look after the maze of legislation, can significantly streamline the payroll process and help accountants gain a competitive advantage. These are some of the benefits of outsourcing payroll:
1. Cost savings
You will save a lot of money, which means you will make a lot of money. Think long-term. It is common to reduce in-house payroll processing costs by up to 50%.
2. Save on hiring
You don’t need to hire payroll experts in-house. Hiring is expensive, so you can cut the associated overheads (like training) that come with it by outsourcing. With outsourcing you may not even need any expertise in-house. Plus, outsourcing removes the worry about back-ups to cover holidays, sickness, and maternity, together with the time and cost it involves.
3. Faster turnaround time
Dedicated outsourcing companies can turn around the jobs faster as processing compliance jobs is what they do - often faster than you can. Again, that due to the economies of scale leading to greater productivity.
4. Scale your practice as fast as you like
You don’t need to increase headcount or move into bigger premises to offer a payroll service. In fact, depending on work volumes, it is possible to scale
5. Reduce risk
If you are running a complex payroll in-house, you will spend hours processing it and increase the risk of making mistakes. By outsourcing you will reduce your risk and also avoid fines.
6. Free up your time
You can focus billable time on delivering higher fee earning work, building and maintaining client relationships and growing the practice. Plus, it frees up your own managers from time-intensive recruitment, training and compliance duties, leaving time for truly strategic initiatives.
7. Peace of mind
When you outsource, you can put your mind at rest knowing a profession company that specialises in supporting accountants is handling the bulk of the work and taking care of legislation.
Our payroll outsourcing service is tailored to the needs of your accountancy practice, giving you the solution you need to make payroll a truly profitable service. If you’d like to find out more, drop us an email on firstname.lastname@example.org, call 0870 803 1033 or fill in our enquiry form.
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My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice.