Accounting Blog for Business
Posted by Janis Narvas
Oct 26, 2017 10:00:00 AM
Payroll management is a time-consuming and complex activity that should be handled with efficiency and expertise. As your business grows, so does the number of your employees. By consequence, it will be more difficult to ensure that your employees are getting paid correctly and in a timely fashion
If your organisation is still processing your payroll manually, you may have encountered difficulties that you have never encountered before. Owing to these challenges, you may feel that your growing pains may have pushed you to streamline your payroll process. But where do you start?
Whether you are looking to increase efficiency or reliability, looking for outsourced Australian payroll solutions may be the answer to your predicament. If you experience any of the following headaches, it may be high time for your company to try outsourcing your payroll function.
If your in-house payroll staff does not prepare your annual payment summaries by the end of the financial year, you will have to pay for penalties. Other scenarios when you will be penalised include incorrect payments to your staff, late payment of PAYG taxes, and inaccurate reporting of your employees’ work hours. When you sign up for payroll outsourcing solutions, these issues can be avoided.
Unreliable and Inefficient Payroll Process
How would you like to pay your staff on time and correctly even when your hands are tied with your own tasks and appointments? Even if you have an in-house payroll staff, there’s always the risk that unforeseen circumstances could cause interruption in the payroll process.
With a reputable payroll service provider, you can rest assured that your outsourcing partner will deliver on time, every time.
Lack of Able Payroll Experts
If your organisation relies on the knowledge of one or two payroll experts, your payroll process may be disrupted in case that resource goes on leave or leaves your company.
On the other hand, if your organisation relies on your human resources department or your finance and accounting team, to handle the payroll function, you may not be utilising your staff optimally. Outsourcing partners have in-depth professional expertise when it comes to payroll, so your staff can focus on doing the things that they love.
Lack of Data Security
When you partner with a payroll outsourcing expert, you can take comfort in the fact that your payroll information is in safe hands. Your outsourcing partner uses the latest tools and finance technology, which guarantees data security and accuracy. You can also guarantee confidentiality by keeping all your payroll information away from your employees.
Do you want to learn how payroll outsourcing solutions can benefit your organisation? Download our whitepaper Australian Payroll Made Easy and find out how our payroll services for small business can improve your payroll management.
Topics: Payroll Services