Wylie & Bisset advises SMEs to outsource payroll

In response to recent research findings that many UK small businesses are struggling to manage payroll for their staff during the pandemic, Chartered Accountants Wylie & Bisset is advising SMEs to consider outsourcing the function.

dec20 andrew cowling

A YouGov study for research from IRIS Software Group has revealed how nearly a third of businesses owners think managing payroll requires too much of their time, which affects how their business performs.

And over a third of businesses in Scotland believed the amount of time spent managing payroll is preventing them from developing business opportunities, with a majority of businesses who have furloughed staff during the COVID-19 pandemic having had to make changes to how they manage payroll as a direct result.

Wylie & Bisset Partner Andrew Cowling said that the research findings confirm that the pandemic has strengthened the case for SMEs to consider the benefits of outsourcing payroll.

“It costs less than you might expect to outsource,” he said.

“Running an in-house payroll team involves a whole host of costs, such as salary and related costs including training, holiday and illness cover as well as software subscriptions and the related IT costs and so on. And if you are the business owner running the payroll yourself, it is worth considering the opportunity costs: what else could you be doing to develop the business rather than dealing with this admin task?”

Cowling suggests that it can make more sense to outsource the function to a team of trained payroll experts fully compliant with the constantly changing rules and guidance and points out that it is surprisingly straightforward to switch to an outsourcing provider as there is no need to wait until the new tax year.

“We can run the whole payroll process paper free and can include the pension and auto enrolment service,” he said.

“And once the payroll has been processed and approved, we can assist with the process to make the payments to employees.

“With Covid and the introduction of the furlough scheme having had a disruptive impact on SMEs payroll, now might be the time to remove the headache and get some peace of mind by outsourcing the function so that business owners can focus on what really matters: rebuilding their businesses for next year’s recovery.”

For further information please contact Andrew Cowling on 0141 566 7000

Issued on behalf of Wylie & Bisset by Liquorice Media tel 0141 332 4935 www.liquorice-media.com

Date: 4 Dec 20