When should you outsource your payroll and what are the benefits of doing so?

One of the first things new business owners often say to me is how bewildering it can be getting their heads around all the different aspects of running a business.

From marketing and IT to tax and finance, it’s a case of having to quickly get up to speed on a huge range of things. For many small businesses the only way to make sure that everything gets done right is to outsource some of the tasks.

The type of functions that are frequently outsourced by small businesses are ones that either don’t add any value, or require specialist skills and knowledge that are not viable to employ someone to conduct in-house.

The administration of the company’s payroll is one such function. With a variety of outsourcing options available, from large established payroll providers to smaller competitors, outsourcing your payroll can offer a number of short-term and long-term benefits.

In this article, we look at some of the benefits of outsourcing your business’s payroll function and when is the best time to take the plunge. (more…)