Doing the payroll is more than just having the bank account details of the people you employ and making sure they’re paid what they’re owed on a regular basis.
Meeting legal requirements is a huge part of the payroll process and the recent introduction of GDPR has made things more complex for most companies when it comes to record keeping, requiring them to protect their data securely and prevent unauthorised access, especially when it comes to transferring sensitive personal information.
Confidentiality
Some companies are a bit nervous about keeping employees’ personal data onsite. In which case, outsourcing payroll to an accountancy firm is a good solution which means records will be completely inaccessible to your own staff.
Digital security
Outsourcing your payroll will also have advantages in that your accountancy company should already have robust security practices in place in order to properly encrypt your data. If this is the case, then GDPR will not have made much impact on their cybersecurity provision as it was already good enough. The difference that GDPR will make to your payroll system is that, as the new standard of security practices to protect us all as individuals, you can rest assured everyone’s data is in safe hands.
Other advantages
Apart from security, there are a number of other advantages of outsourcing your payroll to a specialist accountant. You will be benefiting from their training and expertise in their specialist subject, meaning they’re less likely to make errors in their calculations at the same time as ensuring you and your staff get all the tax breaks they are entitled to. The lack of errors may also save you money – if you do your own payroll and get it wrong, you may lose money or have to spend it in order to put things right.
You will also be able to spend more of your own time on running your company. Most entrepreneurs just want to follow their passion which, let’s face it, rarely involves anything to do with taxes! The accounts and payroll are therefore a drain on their time, and the pressure to do them right is a drain on their mental energy. Yet there are plenty of accountancy experts out there whose passion is accounting, so why not let them do what they do best while you concentrate on what you do best and concentrate your efforts on running the business.
Contact us for more information on how we can help you or call us on 01992 444466.
