All businesses, whether they be large or small have one thing in common; they all have a desire to keep costs to a minimum whilst working to increase profits. But there is one particular area that many business owners overlook during their investigations; Remote payroll and/or bookkeeping.

By outsourcing your payroll or bookkeeping, your business can benefit from great savings whilst you are secure in the knowledge that these areas of your business are being kept and submitted accurately by qualified professionals.

From as little as £100 per month for small to medium sized businesses, your key benefits would be:

1. More time. Outsourcing your business’s payroll or bookkeeping operations would  free up valuable time that can be invested into running other areas of the company. Backend office functions can be a heavy distraction from the day-to-day running of things and having your payroll or bookkeeping in-house can lead to a conflict of interests.

2. Saving money. The bottom line is that by outsourcing your payroll or bookkeeping operations, you save money on paying full-time or part-time wages and benefits to an employee. Furthermore, you also save on lost productivity costs that come along with hiring employees onto the payroll. By outsourcing one or both of these important areas of the employer's responsibility, you only pay for what you need, nothing more, nothing less.

3. Expertise on your side. Outsourcing gives you a great way to have full-time knowledge on your team without having to pay for it around the clock. By putting your books into the hands of a highly skilled staff who understand the best practices and how to properly staff for certain tasks, your job becomes a whole lot easier and effective.

4. Focused work staff. By eliminating the distractions of the office from their jobs, places that take bookkeeping jobs are able to provide clients with more focused work. It’s hard for a bookkeeper to do their jobs around the hustle and bustle of a business. Removing them from the site by outsourcing, not only helps you focus on your business, it helps them focus on your business as well.

5. Team staff versus individual. When you outsource your payroll or bookkeeping, you are placing these important tasks in the hands of staff that thrives on teamwork. Unfortunately, one payroll administrator or bookkeeper is often not enough to find every subtle nuance that can benefit your company. But when you outsource, you have a team of workers and managers checking and double checking each other’s work, helping to ensure that you receive the best services possible. This also helps keep a separation of duties, for example, payroll is as individually accountable as bookkeeping. When you have your sections running smoothly, they form together to produce a better and more cohesive unit.

6. Access to top systems. Outsourcing your payroll or bookkeeping operations gives you more access to the top tools in the industry. Many businesses cannot afford to pay for the extremely expensive payroll or bookkeeping programs and software, nor can they afford to spend the time keeping up with changing laws and regulations. By outsourcing, you are essentially purchasing those tools and that knowledge by proxy, but it’s even better; you do not have to actually do any of the work! Additionally, these top professional systems are backed up daily and keep organized records and books for years, complying with current regulations.

7. Legal and regulation compliance. In the now all too familiar digital age, a large amount of a businesses administrative requirements need to be created, collated or submitted electronically. Whether Minerva cover your payroll or bookkeeping requirements, our systems, programs and software are maintained to latest editions and comply with HMRC record keeping and submissions requirements, including the fairly recent introduction of HMRCs Making Tax Digital for VAT registered businesses.

8. Scalability options. Finally, outsourcing your payroll or bookkeeping allows you to expand or cutback in the blink of an eye. Whether you are looking to grow your business or cut down on spending, having a reliable team at your behest, providing you with different plans and options will help you achieve your goals. Outsourcing provides flexibility that in-house payroll administrators and bookkeepers just cannot provide.

If you would like a free consultation on outsourcing your payroll or bookkeeping, please contact us.