An (almost) stress-free year-end… outsourcing payroll can help

  Posted by: Dental Design      4th March 2022

Financial year-end is a great time to get your house in order, so to speak. It’s a chance to review key processes and consider how they could be improved to make life slightly less stressful at work. Your practice must run like a well-oiled machine if it is going to be successful and profitable. A talented team that offers excellent care and treatment isn’t enough if you’re not an efficient business, having streamlined various operations to save time and money.

Year-end can be a drain on the above too. Despite the fact that it literally happens every 12 months, like clockwork, it’s never quite the same as the last one! In order to submit your annual accounts, and anything else HMRC needs, you’ll need to gather all the necessary data, such as receipts, invoices and the rest. If you aren’t yet using Cloud-based platforms to store and manage crucial documents – why not?! There are some fantastic and high-value options available, that offer a convenient way to keep data and retrieve it whenever you like. Working in the Cloud also means that information can be viewed from multiple devices, ideal if you or someone you are sharing it with is working remotely. As we learned at the end of 2021, we haven’t seen the back of home working, for those who are able to do so. The flexibility of the Cloud isn’t so much the future, as what every successful business needs right now.  

At financial year-end, you should definitely have one eye on what’s coming next, though. For example, HMRC is pushing ahead with its long-term commitment to move to a fully digital tax system, despite some delays which have pushed Making Tax Digital for Income Tax back to 2024. If you weren’t ready for MTD, you’ve now got a bit more time to get organised.

We’ve all seen the headlines about rising inflation; running a business could be a costly affair in 2022. Year-end can allow you to see where to make some easy savings, such as by reviewing your suppliers and utilities to find better deals. From this April, there will also be a temporary increase in National Insurance Contributions that will need to be paid by all employees, self-employed workers and employers. This will be replaced by the Health and Social Care Levy in 2023. As well as the cost implication for your business, is your payroll ready for the next financial year?

Tying a lot of things together – efficiency, Cloud-based working, and the flexibility to accommodate changes while saving your practice money – is the idea of outsourcing your payroll to a specialist provider. Processing payroll is a detailed, complex task, no matter if you’re a big team or a small one. As we head to year-end, consider outsourcing yours to make that side of your business run more smoothly now, and be resilient enough to deal with anything yet to come. That’s the beauty of an outsourced payroll, it will keep you compliant, incorporating tax changes or other measures that could impact on how much someone gets paid and what benefits they receive. You will have full peace of mind that payroll will be delivered on time and that it will be entirely accurate, with all key data kept secure. An outsourced payroll can be intuitive too, making it a fantastic resource to support your future planning. Employers will be able to use information collected via their online payroll to gain insightful data into their most valuable assets, to help them make decisions that will enable their business to run even more profitably.

Along with a specialist dental accountant, an outsourced online payroll can be your best friend in the run up to the end of the financial year. With more and more complex regulations that have the potential to turn it into a nightmare, a payroll provider will take the whole job off your hands. Your team will be paid the right amount at the right time, which includes any contractors or workers who are on a different schedule. Wagemate is a provider that delivers payroll for dental practices of all sizes, saving them money, stress and reducing risk. Working with fully trained professionals, that will also liaise with HMRC and the pensions regulator on your behalf, your payroll will be hassle-free at year-end and beyond.

Who knows what the next 12 months will bring? If there are more challenges ahead, you need the right people on your side to make financial matters for your dental practice less of a headache. As we prepare to draw a line under one financial year and make plans for the next one, make an outsourced payroll part of your future.  

To better manage your payroll, contact payroll specialists Wagemate today,
tel: 03330 102102 or email info@wagemate.com