Whether it’s reducing your overhead costs or improving efficiency more generally, we’d recommend looking into outsourcing your payroll processing if you’re trying to find a better way of running your business and paying your employees.
You’ll be accessing a range of different benefits by taking on a strategy like this and, ultimately, transforming the way your business manages your payroll functions – this way, you can focus on some of your core activities and drive growth instead.
Cost Savings
When you’re managing your payrolls in-house, you’ve got a list of fairly considerable expenses you need to be paying, including:
- Salaries for all your payroll staff
- Paying for any software licences you use
- Compliance costs
- Staff training
We’d suggest outsourcing this you can scrap all of them all together – now, all you need to pay is one fee to a specialised provider, one that you can actually predict the cost of each month or year. As a result, you’ll be both cutting down direct costs and some of the other risks that come with things like payroll errors/compliance issues.
Improved Security
You’re managing a lot of personal employee information whenever you manage your payroll in-house which opens the door for a bunch of security risks if you’re not an expert in knowing how to safeguard them.
Fortunately, outsourced payroll processing utilises some of the most robust safety techniques out there – encryption to secure all your servers, for instance – so that the data is protected and you’re not accidentally running the risk of a data breach.
Enhanced Accuracy and Compliance
Generally speaking, payroll processing is a fairly intricate process that requires an extensive understanding of all the laws and regulations here in Australia – which is exactly why you don’t just do it by yourself and probably have a team of staff to handle it for you.
Having said that, getting that level of accuracy and compliance with a team of in-house staff is not only challenging but very resource-intensive, too.
Instead, we’d suggest working with an outsourced team constantly on the lookout for new legislative changes – this way you’ll be able to massively reduce your risk of non-compliance and all the hefty fines that come with that.
Time Efficiency
If for no other reason, handling all your payroll responsibilities internally is generally just pretty time-consuming and stops you from getting on with your main business responsibilities.
By coming to Accounting Tax Solutions to for help with your payroll, you’ll be able to free up a lot more of your time and go back to doing what you do best – we’d say these kinds of services are the most beneficial for SMEs in particular since the amount of resources available here is often a lot more limited. Call us today on 07 5559 1200