Not just for big companies: why small and medium businesses outsource payroll

22 May 2024 / Insight posted in Article

When outsourcing is mentioned, many small or medium business owners automatically envision large corporations. The truth is, businesses of all sizes are discovering that outsourcing payroll isn’t just a smart cost-saving tactic – it can be a strategic driver for growth and long-term success.

Myth vs. reality: outsourcing is for you

Small and medium-sized businesses often operate with tighter budgets and fewer staff members than enterprise-level companies. This misconception of outsourcing being out of reach stems from those factors. The fact is, modern payroll providers recognise the distinct needs of smaller businesses, offering solutions at an accessible price point.

Why does outsourced payroll fit SMEs?

Pricing that scales

Reputable providers have pricing plans to match business size. Pay for what is needed, making outsourcing cost-effective even at a smaller scale.

Agility for growth

Adding employees becomes quick and seamless with an outsourced provider. There’s no need to invest time and resources into scaling payroll processes in-house.

Levelling the playing field

Outsourced payroll expertise keeps you up to date on regulations, just like your larger competitors. This protects your business from costly penalties and compliance issues.

Risk management on a budget

A single payroll error can disrupt a small business more drastically. Outsourcing specialists reduce risks with their deep knowledge and robust internal checks.

The true cost of doing payroll yourself

In-house payroll consumes a surprising amount of your most valuable asset: time. Owners, managers or key staff diverting attention from revenue-focused activity leads to a high opportunity cost. Outsourcing lets you reallocate precious hours to tasks that drive growth.

Success stories: the small business angle

One of our clients who switched to outsourcing their payroll to Moore Kingston Smith, freed up enough time each week to allow them to open a second location. Another Moore Kingston Smith client gained peace of mind by eliminating payroll fines/penalties from HMRC, thanks to our compliance expertise.

Don’t let outdated assumptions hold you back. Moore Kingston Smith’s scalable payroll solutions help smaller businesses gain big advantages. Contact us for a free consultation and discover how outsourcing can supercharge your operations.

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