Diy Or Outsource: How Should I Handle My Payroll?

Running a growing business is a constant juggling act. Payroll is one of those tasks that you can’t neglect or ignore, not once you have staff.

Staff need to be paid on time and so does the government. Paying your team and the government on schedule is one of those recurring deadlines you can’t miss. Meeting payroll can be stressful, at least until cash flow is strong and steady. As well as physically having the cash to pay everyone, there’s a lot of paperwork which comes with the task of managing your own company's payroll.

Death by Paperwork

Most business owners like to feel that we are skilled at juggling a lot of tasks: payroll, marketing, sales, admin and recruitment. The truth is, most are good at trying to juggle a lot of tasks.

There are always going to be a few unique skills only you have - making you invaluable to your business - which is how you add value to your business. Your personality and unique skills are imprinted on your business.

For our businesses to succeed, we must keep doing our thing, which is how companies are built to be a reflection of the vision and values of their founders.

That sounds pretty great on paper until reality smacks you in the face. The countless tasks, admin and paperwork can get in the way of devoting time to building our vision and keeping clients happy; the small details can feel like death by paperwork. Admin tasks can keep us working long into the night after your staff have gone home.

Unfortunately, without looking after the details - like payroll - we can’t build a company on a strong foundation.

Payroll Options

When it comes to payroll, you have two main options:

DIY: Which includes delegating this role to a member of staff. However, legally you’re still responsible. Even the most efficient member of your team will still need information and login details (for software, bank accounts etc.) from you.

Outsource: Either to an accountant or a dedicated payroll firm or both, depending on the services your accountant offers.

In order to save you some time, we’ve put together this handy infographic (feel free to share with other overworked business owners).

Infographic

For more information like this, you should check out our FREE Comprehensive Guide to Hiring your First Employee, that covers everything from the differences between employees and contractors to workers compensation, why you need healthcare and so much more!