Dental payroll services
From determining employee wages and managing taxes, to updating holiday and sick pay or deducting employee-contributed payments for benefits, managing your payroll is complex. Our specialist dental payroll services are designed to take this headache off your ‘to do list’ whilst saving you time and money.
Should you outsource your payroll?
Due to its complexity and time consuming nature, the answer for many businesses is yes. This is especially true for practices who employee more than 5 individuals as either staff or contractors.
In general, outsourcing payroll costs 50% less than doing it yourself when you consider the significant time investment you will make to learn and process your practices payroll needs.
This is not to mention ensuring you keep up to date with HMRCs changing regulations. Keeping yourself abreast of these changes will be essential to make sure your payroll is compliant and to avoid fines or worse.
For larger organisations it means there is no need to hire a dedicated person, for smaller businesses it frees you up to focus on other areas of your business such as attracting new patients or delivering treatments. Other advantages include:
Convenience: Closely linked to time saving is the convenience of outsourcing payroll. Simply provide us with the details of your new member of staff and let us take care of the rest. And not just for that month but for all future months with no further involvement from you.
Efficiency: Another one that impacts your time is how efficient our payroll services are. We can link in to our other areas of the business to provide auto enrolment support, prepare tax returns for Partners, manage HMRC submissions, reimburse expenses, provide p45s and P60s and deliver you reports as required.
Accuracy: Everyone knows payroll needs to be accurate to ensure staff are paid what they expect. But the other side of payroll is ensuring you are accurate and up to date with HMRC’s latest regulations. Getting either wrong creates a time consuming job to rectify at best. At worst there could be finical penalties to pay.
Compliance: Following on from accuracy comes ensuring you are compliant with HMRC’s host of regulations when paying yourself, Partners, staff and contractors. Each have their own rules to follow which quite often intertwine to make for an increasingly complex process.
Grants & Government Schemes: Payroll usually means you have to hand money over to a 3rd party from staff, contractors or HMRC but there are government initiatives that you can benefit from which reduce how much you pay. Some of these may fall outside the remit of a standard payroll provider but at Figurit we will ensure you are made aware of these opportunities even if it’s another team who discuss it with you.
Whether you have one employee or several, the time lost performing your own payroll will be noticeable. Time lost making sure you are compliant will be present no matter how many employees you have and performing payroll each month will only become more consuming with each employee added as you grow.
Outsourcing payroll gives you back more time to spend on your business or with your family whilst providing peace of mind that it is being done accurately.
How do you arrange for managed payroll services?
Contact us through the form below or on 0207 3769 333.