The benefits of a specialist payroll service provider Adam Anstey, Managing Partner in Hertford for Azets, on why outsourcing payroll may be a way to give your business a boost As a business owner, it’s likely your focus is often split between the various areas in your organisation that require regular attention. One of these areas, which is of high importance, is payroll. It’s an ever increasingly complex process, influenced by a substantial amount of regularly changing legislation that needs to be taken into account when calculating and processing.
Managing the complexity of payroll
Legal Property Experts
in association with Penman Sedgwick LLP Kamran Shah Partner - Head of Residential
Buying a Property at an Auction Over recent times it has become common for people to buy property in auctions, and it is not just restricted to property investors as day time TV testifies. It has become an attractive proposition as it can avoid endless viewings and negotiations with sellers, and disappointment. There is also the added buzz in knowing that you have committed to one of your biggest lifetime purchases at the drop of a hammer.
Ensuring your payroll process is timely, compliant and efficient is an essential task but it can often eat into the limited time you have available. This can ultimately divert your focus from other core business areas and impede your progress towards achieving your long-term goals.
One must of course be cautious and do some necessary homework on the particular property that you wish to bid on, including a viewing, arranging a survey and knowing that you have the funding in place to complete on the purchase once you commit on it.
Exploring payroll outsourcing
You should also engage a Solicitor beforehand to view the legal pack and peruse the Special Conditions so that you are aware of all the legal and financial implications of buying the property, rather than discover those post auction, as you will be unable to negotiate these later on. There is always the possibility of being out-bid on the particular property that you are interested in, and it is not uncommon for a Solicitor to receive a telephone call from their client following the auction saying that the client has ended up buying another property altogether…
Here are a few reasons why you should consider outsourcing your payroll process: 1. Increased expertise and compliance assurance By outsourcing your company’s payroll processes, you are instantly tapping into a wealth of expertise, experience and knowledge in payroll services and, depending on the set up of the provider, possibly other similar fields such as tax and key business advice. 2. Optimise your time and resources Handling your payroll process internally and on your own can sometimes inadvertently hold your business back from unlocking its full potential. By outsourcing your payroll activity you regain the freedom, time and resources to fully focus on other areas that are key to your business’s success. 3. Enhanced data security Payroll data is extremely sensitive and requires robust protection against potential data breaches. However, effective, high-quality security may not be cost-effective for many businesses. Most modern payroll service providers will use the latest high-end cloud payroll software, ensuring end-to-end encryption of all payroll data for clients. 4. Streamlined payments Having timely and accurate payments every time is critical for employee satisfaction and trust. Payroll service providers make use of bespoke automated systems, minimising the risk of errors and ensuring seamless, accurate and timely payslips for employees
With regard to the Special Conditions, you must be fully aware of all the implications of buying the property, including the actual extent of the property to be sold, the Title, and all relevant legal issues, as well as the detailed terms set out in the Special Conditions – these may include terms asking you to cover the Vendor’s legal and auction costs, which could be onerous and add many thousands of extra pounds to the purchase. You must therefore always proceed with caution. Most auction purchases require you to complete the purchase within 4 or 6 weeks of the auction date, so there is very little time for you to arrange mortgage finance after the auction. You must therefore ensure that you have your finance in place before you attend the auction, otherwise if you are late in completing you will be liable for costs and interest, and if you fail to complete altogether then you risk your deposit being forfeited and a claim for damages.
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5. Cost savings Depending on your provider, they are likely to make use of economies of scale when it comes to data security systems, payroll management systems and training, meaning these costs are less likely to be reflected in your individual bill.
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