Maximising Business Efficiency: The Advantages of Outsourcing Payroll

‘Businesses lose as many as 18 days per year to payroll errors’

This striking statistic from CIPP’s 2024 Payslip Statistics Report, highlights the significant impact payroll errors have on business efficiency. Given the economic challenges of recent years and the aftermath of the Covid-19 pandemic, cost efficiency has become a priority for many small to medium-sized businesses, alongside ensuring that employees are paid accurately, and on time.

With 80% of companies spending 12 hours or more per month on payroll error corrections, the demand for cost-efficient and reliable payroll solutions is growing.

With the average payroll accuracy being just 78%, ADP’s Global Payroll Survey 2024 highlights that employers are focusing on cost efficiencies, digitisation, and enhancing employee experience over the next 2-3 years.

With this goal in mind, outsourcing payroll could be the comprehensive solution you need to address these concerns.

What is Payroll Outsourcing?

Outsourcing payroll involves hiring an external payroll company, such as CTT Accountancy, to manage everything from calculating wages and deductions to managing payroll taxes and ensuring legal compliance. This approach is becoming increasingly popular as it allows companies to focus on their primary business functions, while enhancing compliance and reducing operational costs.

By outsourcing payroll, businesses not only unlock numerous financial benefits, but also enhance operational efficiency and ensure professional management of their employees’ wages.

CTT Accountancy’s Payroll Services

At CTT Accountancy, we leverage the advanced features of Sage Payroll software to manage both weekly and monthly payrolls for your business. Our payroll service is characterised by a genuine personal approach, dedicated to precision. We also ensure client satisfaction by tailoring our payroll services to the needs and goals of your business. Our approach includes:

• Digital Payslip Access: Employees access their payslips through a secure online portal, enhancing convenience and privacy.
• Comprehensive Calculations: We handle all necessary calculations for tax, National Insurance, and other deductions to ensure accuracy and compliance.
• HMRC Reporting: Regular reporting to HMRC keeps the system up-to-date and compliant.
• Tax Code Adjustments: We regularly review and adjust tax codes to guarantee that each employee is paying the correct amount of tax.
• Pension Submissions: As part of our payroll services, we manage pension submissions to ensure compliance with reporting and payment obligations.

Our setup process is straightforward—once we receive the necessary details of the employees, we immediately initiate the payroll process and get you onboard!

Benefits of Outsourcing Payroll to CTT Accountancy

Outsourcing your payroll to CTT Accountancy not only streamlines your business operations but also enhances financial accuracy and compliance. Here’s how partnering with us transforms your payroll process:

• Reduce Costs: Outsourcing payroll with our practice eliminates the need for an in-house payroll team, significantly reducing overhead costs.
• Save Time: Outsourcing frees up your time so you can concentrate on strategic business growth rather than administrative tasks.
• Ensure Compliance: With our expert handling of payroll compliance, including tax and pension submissions, you reduce the risk of costly errors and penalties.
• Scalability: Our payroll services are designed to scale seamlessly with your business growth; we’ll provide the right support and guidance as your needs evolve.
• Expert Advice: Leveraging our expertise in payroll and accounting, we offer strategic insights that help to optimise your payroll management and overall financial planning.

A Unique Approach Tailored to Your Business

 “Our commitment at CTT Accountancy is to provide a seamless payroll service, that not only meets but anticipates the needs of our clients,” explains Amy O’Keeffe, Director at CTT Accountancy.

“Our expert, friendly team is always on hand, offering a strategic rather than merely functional approach to payroll. This ensures that our clients not only comply with current regulations but do so in the most cost-effective manner.”

Get in Touch

By outsourcing your payroll with CTT Accountancy, you gain a partner that enhances your operational efficiency, ensures compliance, and supports your business growth.

Get in touch today to discover how our personalised and comprehensive payroll solutions benefit your business.

Contact us at 01926 514 399 or visit CTT Accountancy to learn more.