When you’re a budding entrepreneur who has launched a start-up – it’s safe to say that you’ll have a lot on your plate. And when you’re growing a business from scratch, you have to become a jack of all trades. You’re the creative heart of your business, the marketing department, the sales team, product development too.
With this comes a need to be passionate and confident when you’re trying to attract leads, customers and talent to work with.
Taking all of these priorities into consideration – payroll and financial responsibilities are another integral and complex task to master and getting it right is essential to the legal running of your business.
If you’re not experienced or you’re simply being pulled in a hundred other different directions, outsourcing your payroll makes practical and business sense.
Payroll is an element of your business that needs to be given time and attention. It has to be done properly and mistakes can be costly. Payroll, NICs and auto-enrolment might not fill you with joy or come naturally to you, so enlisting the help of a payroll service and their expertise helps you to focus your attention elsewhere and leave it to the professionals.
This can help you to be more efficient and productive when concentrating on other tasks. Removing the stress around payroll shouldn’t be underestimated either – if it’s new to you and you’ve never experienced payroll responsibilities then it’s natural to feel anxious about whether what you’re doing is correct and legal. Removing stress and letting you concentrate on other matters will be better for your long-term wellbeing
Retaining and attracting talent as a start-up is key, so if you have a professional set-up from the outset then you can ensure the basics are taken care of i.e paying your employees on time! There’s no two ways about it, your team won’t be happy or find it acceptable that a business isn’t paying them on time. It’s a sure-fire way to lose face with a team, inspire a lack of confidence and find them browsing job sites before you can sort it out. Excuses aren’t good enough, so knowing your payroll is sorted from the offset is really important.
There are a plethora of compliance issues and legal requirements that businesses need to take into account when starting out. The repercussions of not doing so can be serious and damaging, so making sure you know where you stand and are fulfilling responsibilities is crucial. It’s more important than pretty much anything else you’re doing in your business, as you could get into legal trouble if you’re not acting responsibly.
Elements such as the National Living Wage, pensions auto-enrolment and the gender pay gap all need to be considered. A payroll team will be skilled and experienced in all of these areas and can make sure that you’re taking the correct steps when it comes to protecting your own business and employees.
For any more advice or information about payroll services, contact our team at APS Global today.