Save time and money by outsourcing your payroll
The cost of an in-house payroll employee on a salary of £30,000 (FTE) is around £45,000 a year once overheads are factored in. The average cost of an equivalent outsourced payroll service is £3,500 a year (based on a 20 employee payroll). That’s a potential saving of up to 95%.
Paying your employees the right amount and on time isn’t as easy as it sounds. And with pension schemes and other compliance requirements to keep on top of, there’s a lot to manage.
About 75% of SMEs do it all themselves. But the use of outsourced services is on the rise. And for good reason. With the right payroll partner you can save time and money, plus take the worry out of keeping compliant.
The real cost of payroll
The cost of replacing a payroll employee can be as much as 1.5 times their annual salary. Or as much as £67,500. This includes the time taken to recruit and onboard the new employee.
Software licence fees for running a payroll in-house can cost around £1,200 a month (based on 100 employees).
If you process your own payroll in-house, you risk thousands of pounds in fines from HMRC if mistakes are made with payments or submissions.
Setting up pension schemes incorrectly can lead to fines of up to £2,500 per day from The Pensions Regulator (TPR).
Of the new clients we’ve taken on recently, a staggering 44% of pensions schemes were not compliant.
We can deploy our internal pensions experts to ensure that all schemes are not only compliant but also make the correct payments into pension pots every month.
Our expert team can free up your time so you can focus on driving your business forward.
We’re on hand 52 weeks a year to run your payroll and answer your queries quickly and efficiently.
Payroll legislation updates
We’ll tell you about any changes you need to know about, so you don’t need to monitor the legislation yourselves.
Flexible payment options for your employees
We can set up automated payments for any schedule, meaning you don’t have to make any manual payment transfers.
Queries from HMRC or The Pensions Regulator
We can investigate and deal with any queries or issues that arise.
We create easy-to-use reports, allowing you to use your payroll figures in your accounting system.
What our clients say
Nick Koupparis, Head of Finance, CAKE
I have been using Moore Kingston Smith for many years as our payroll provider. I am happy to let you know that my contact within the payroll team is an outstanding professional and a valued partner to our business. A vast improvement on the payroll provider we were dealing with before.