They are the creative spark behind every new business. They are frequently dynamic forces of nature. But there are some things entrepreneurs should leave to others.
Confidence. Determination. An appetite for risk. Passion. Adaptability. The list of traits traditionally associated with entrepreneurs is long. But there’s one thing every successful entrepreneur needs to understand pretty quickly if they are to make a success of their venture: you can’t do it all. The trick, of course, is knowing what needs your personal attention, and what you can leave to an expert set of helping hands.
Google any list of ‘5 things an entrepreneur needs to outsource now’ and payroll comes at or near the top of the list. And it does so for several reasons:
Because they know there are better ways to spend their time
For some, mundane, repetitive and detailed tasks hold little appeal. Others may love the prospect of wrangling a monthly payroll and negotiating the intricacies of auto-enrolment, NICs and more. But either way, as the driving force of a business, a leader really needs to be focussing on other issues. Especially when there’s expertise at hand to take the job on.
Because payroll needs to be done right
Every entrepreneur is pulled in a million different directions, with almost endless demands on their time and attention. But if there’s one thing you can’t afford to get wrong, it’s paying your people. Outsourcing ensures payroll is done right, which can help keep your people onside.
Because a new business needs to be compliant
It’s all too easy for new businesses to lose that start-up energy and dynamism by becoming bogged down in compliance issues – yet few entrepreneurs are likely to know all the legal requirements placed on the business, or know how to fulfil them.
From the Apprenticeship Levy to the National Living Wage, pensions auto-enrolment to the gender pay gap, outsourcing payroll can give you the reassurance that your business is acting legally and responsibly, whilst removing the headache of setting up the systems and gathering that data.
Because it cuts costs and frees time
In any new business it’s usual for people to wear many hats and have a range of roles and duties. Time pressures are constant, and it can be a real challenge to stay in control of a workload that frequently has more to do than time to do it.
It makes sense, then, to outsource payroll – a relatively self-contained process that can be neatly offloaded – to free up time. But in doing so, it can help you cut costs, first, because all those hours which will otherwise be poured into data entry can be put to something more productive (and lucrative). And second, because the total cost of in-house payroll processing is often greater than outsourcing – where technology and expertise get the job done more efficiently.
If you’ve launched your own business and want help freeing up time and resource, outsource your payroll to us. Tell us about your business now.