It’s easy to get whisked away in the excitement of building a new business – getting out there and making sales, building an online presence and fostering relationships are all new and exhilarating elements.
The practical side of a business is equally important and getting on top of the admin side of things is integral for healthy growth and a positive business direction.
Getting a payroll structure in place as soon as possible is vitally important to any business and making sure it’s fixed helps you build a strong foundation.
APS Global are perfectly positioned to offer payroll solutions to businesses and entrepreneurs and if you’re thinking of outsourcing your payroll, here are some questions to think about.
Do I have the budget?
Before you decide to outsource, you need to work out whether it makes business sense. Can you afford the ongoing cost right now and is it something you’ve budgeted for and allocated a specific amount of money for?
If it’s not, then you need to seriously think about adjusting your budget so you have funds set aside for payroll and HR requirements. Not getting this right, can come back to haunt you in the long-run.
What Requirements do I have?
Every business has its own unique requirements, so you need to take stock of the size of your start-up, how much you think you’ll grow and be realistic about how many people you’re going to take on.
Will you have international payments that need to be made, are you looking to pay people weekly or monthly, who will handle your payroll software? These are just a few of the requirements you need to look into and helps you to work out which payroll solution is best for your business.
You have to keep on top of legislation and payroll compliance with the HMRC and working with a payroll provider can keep your business water-tight.
What happens when my Business Grows?
Obviously, in an ideal world, your business will grow and prosper. Which is why you have to determine whether the company you’re outsourcing your payroll to can cope with the demands of a larger business and adapt with your needs as they grow more sophisticated.
Ask for examples of some of the other companies your payroll provider works with and you’ll get a good idea of their experience and capability to cope with large clients.
Start-ups can rapidly grow, so making sure your payroll is in safe hands is a good start to your business’ journey.
How do I know which Payroll to Choose?
Doing a bit of due diligence and research when looking for a payroll solution is key. You’re handing over sensitive employee and business data about pensions etc, so security is paramount. Ask about protections of data and your information and also ensure a company has BACS accreditation, HMRC approved, ISO 27001 compliant, CIPP Assurance. Data breaches can be costly and dangerous for your company, so working with a trustworthy company is of upmost importance.
For more info and to ask us the questions above, contact APS Global today.