Recent years have been difficult. The recession produced many casualties and even the largest international companies were forced to look at themselves and their costs as they struggled to maintain their top line sales, never mind increase them. The exercise of keeping control of expenditure and increasing efficiency is equally as valid now that the future is looking brighter. While large companies will have specialists covering every aspect of the business, smaller ones are certain to be more stretched.
Growth
The focus has to be on retaining and increasing market share, but the market is competitive; it applies to every sector. It is important that energies are channelled towards growth and that is not just the role of the sales force. The budget must reflect a realistic view of the future and provide the resources to help market the company and its products. Developing new products that consumers find attractive is a constant challenge and the ‘man at the top’ has to constantly balance demands from each part of the company to guide the business properly.
Energy needs to be proactive so surely it makes sense when everyone is busy and concentrating on growth to look at things like outsourcing payroll to a company that specialises in such services and can demonstrate its absolute reliability in doing things both accurately and also confidentially.
Questions
If the idea is completely new to you, then questions will arise immediately and cost will be one of them. Others may involve the practical advantages of using such a service. In terms of cost, it will certainly be cheaper than employing a full time wages clerk – what’s more, a service provider does not go on holiday.
In practical terms, specialists will always be completely up to the minute with any legislation or budget changes and will implement them all automatically. It is one less business function that will require attention. Once a service company has set up the details of each member of staff, each will be paid on time by BACS with a payslip system that provides each worker with the details of their pay and deductions. New starters can be slotted in easily and people leaving removed once all the paperwork required is completed.
HMRC
The other side of the coin is HMRC, which requires accurate and timely information together with a remittance paying the PAYE and NI which is due. That is a simple task for a specialist who will also field any queries HMRC may have even though the ultimate responsibility remains with its client.
It is certainly something that every business should think about very seriously. Time is precious and every business needs to be proactive. The key to a successful future is having products and services that the consumer wants and being efficient. Outsourcing will certainly help that.