As a small business owner, you may have considered getting someone to do your payroll. Do you bring someone in, or out-source to someone else? Well, we're inviting you to enter the arena, feel the atmosphere, the pressure - we're going to settle this once and for all in the ring.
This bout is for the DH Small Business Seal of Approval. The fight is scheduled for three, two minute rounds.
In the Blue Corner we have Outsource Payroll, well prepared and ready. In the Red Corner, we have In-House Payroll, confident and ready for battle. The bell rings and we're off!
Round 1: Trust
Managing your staff's payroll is important as it can affect their moral if things go wrong. They trust you to make sure their wages and tax deductions are correct and paid on time - and they'll let you know if they think they're not! It also means getting the forms you and HMRC need too. Trust is going to be needed for whoever's managing your payroll.
If you're outsourcing to someone, you'll most likely have to establish trust over time. Lots of variables begin to arise - like expectations and efficient communication. You'll have to research who to go with and have an agreement in place where both sides are happy. Now this isn't impossible, but, with In-house payroll the person you hire will have been interviewed, working within your company and agreed a contract - which gives you peace of mind quickly, in a way that Outsourcing won't.
1st Round Winner: In-House Payroll
Round 2: Price
Outsourcing has to come out swinging in this round and it doesn't disappoint. This is a demolition, a comeback of champions. Outsourcing your payroll can be a massive money saver! You're not paying one person a fixed yearly salary with holiday pay, but instead to a potential TEAM of workers! More knowledge, more time, more people - for the price of less than one person!
As both sides walk back to the corner at the end of this round, the victor here is clear. As we enter the final round it's everything to play for.
2nd Round Winner: Outsource Payroll
Round 3: Efficiency
With only minutes left of the bout it makes sense we look at which is the most efficient of the two. Whose going to win when it comes to the nitty gritty? Fortunately the past two rounds offer us a great insight into who'll win this one.
As we watched Outsourcing dominate when it comes to price, we saw it lose only narrowly in the first round. Trust can be established, but it takes time. So when we consider efficiency, we also have to consider longevity.
Take us at DH Business Support for example, we're praised for our quick responses and organisation with payroll - we take phone calls from employees and answer any questions they have, whilst producing the forms business owners request. It's literally all done for you. It might take a bit of time to establish the trust, but once that's in place: Outsourcing will always go the distance, with minimal effort on your part, for a fraction of the price!
3rd Round Winner: Outsource Payroll
The Scorecard is in...
As I do my best Bruce Buffer impression and announce that the winner, by split decision is: Out Sourcing Payroll.
The Floor's Yours:
What would your scorecard say?
What's been your experience with either?
Drop a comment below letting us know! Be sure to read the other posts in our series on The Basics of Business HERE!