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Why You Should Outsource Your Payroll

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Have you ever heard the expression ‘there’s no such thing as free money’? One man found the exception to that rule.

Well, for a time at least.

Evaldas Rimasauska from Lithuania was recently found out after posing as Taiwanese tech firm, Quanta and sending fake invoices to Google and Facebook, which valued up to $100m. He now faces up to 30 years in jail.

Whilst this may be an extreme case, it does pose a serious question. As your business grows, how do you keep your finger on the pulse?

When you’re a small business, it’s likely you’ll know suppliers well and have developed a good working relationship with them. Invoices will be expected and won’t require too much investigation to determine where they’ve come from. 

But as the company gets bigger professional relationships become numerous and harder to keep track of. It’s entirely possible that the invoices crossing your desk will be completely new to you. Whether it’s a lack of time to investigate further, fear of incurring charges or something else, the overwhelming temptation may be to clear the invoice and not think any more about it.

But – as proved by some of the world’s biggest businesses – it can be worth looking a little deeper. If it can happen to Facebook and Google, it can happen to anyone. 

Outsourcing your payroll department can help avoid this. Handing over the reigns to trained professionals that perform this function everyday with forensic precision can avoid unwarranted expenditure and free up your time for more useful things. 

Here’s why you should outsource your payroll:

Costs

It’s much cheaper than you might think to outsource your payroll. Especially when you consider the cost of staff hours, software, printing and everything else involved. All of this can be circumnavigated and consolidated in to one fee, simply by using an agency. 

Resources

Staff members responsible for managing payroll and invoices need to be trained, which costs time and money, as well as have their wages covered. If their accountability runs beyond payroll alone, then the scope of their other work can suffer too. 

Money Can’t buy you Knowledge

Even if you have a healthy turnover, money can’t necessarily buy you know how. You might be able to afford an accounts department on paper but an agency delivers a wealth of knowledge that can be hard to come across. We all know how difficult recruiting the right person for the job can be; remove the hassle by simply outsourcing. 

Efficiency

Systems and procedures are the key to efficiency. An agency will have all of these in place to make sure bills are paid on time – and checked first!

Flexibility

As your company continues to grow, the agency will grow with you. The bigger the business the more employees you need. This may be the case in other areas of your business but your outsourced accounting department will have the bodies ready to deal with the increasing workload whenever you need, without huge expenditure. 

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Key Contact: Lynne Auton
Tel: (0845) 308 2288
Email: payroll@payrollsolutions.org.uk
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