As a business owner, endless lists of tasks eat up your precious time every week. Regardless of the size of your business, payroll is one chore that tends to result in procrastination and tension headaches.
However, this essential task shouldn’t be put off!
Getting it done efficiently and consistently is the key to keeping your staff happy and your budget balanced.
There are many ways to streamline your payroll– from standardising the process to using the right software for the job. But the absolute best way to get it sorted is to outsource it!
Here’s why outsourcing your payroll is the smartest choice for your business.
The Easiest Way To Streamline Your Payroll
Gain Precious Time (And Stress Less!)
If you are not really a numbers person or don’t have a lot of experience managing payroll, this task can rob hours from your week. It is not something that you want to get wrong, so you find yourself poring over the records, checking every little detail. And that process takes time… a lot of it!
Outsourcing it to someone you trust reduces your workload and stress, giving you back those precious hours to focus on core business!
Save Money
Large businesses may be able to maintain a dedicated payroll team, but this isn’t viable for many small to medium businesses.
That means either the business owner or another staff member must learn the ropes, stay up to date with the technology and regulations, and perform all the payroll functions every week. This is all time which is likely well spent elsewhere.
Outsourcing payroll means the work will be done more quickly, efficiently, and accurately, saving you money in the long run. It also means you and your team can focus on the tasks that you do best, generating sales and servicing your customers.
Ensure Compliance
Are you up to date with all the guidelines and laws regarding your responsibilities as an employer when it comes to payroll? Failing to comply, even if just by mistake or oversight, could see you in trouble with the authorities and facing hefty fines.
Allowing an experienced, payroll savvy business to handle your payroll ensures your business is following all the appropriate regulations and laws relating to your employees and their benefits. Everyone gets paid, and you don’t have to worry about accidental (yet costly) errors.
Improved Security
Outsourcing your payroll to the experts gives you access to the latest technology and allows everything to operate electronically. This method is much more secure, and any errors or inconsistencies can easily be traced and resolved by the outsourcing company.
You don’t need to keep outdated paper files and can access any information you need at the click of a mouse.
Flexibility
Whether you have five employees or fifty, outsourcing provides you with the flexibility of as many – or as few – hours of payroll management as needed every month. You only pay for the services and packages you need for the scope of your business.
Your chosen payroll expert can do as little or as much as you need them to. Data entry, record checking, batching, loading information, verifying bank accounts, uploading records to the IRD, and transferring money are just some of the tasks that can be done by a payroll expert.
Provide Continuity
If you have one employee trained to handle the payroll for your small business, what happens if they go on holiday, get sick, or leave? Outsourcing removes the risk by providing much-needed continuity for your business.
Often, your payroll expert will have a team of people they can call on. There will also be standard operating procedures noted for your business so that everyone is familiar with your processes and payroll timelines. Wages get paid on time, every time.
Keep Your Employees Happy
A satisfied employee is a productive employee! Worker wellbeing is a high priority in any business, and the most fundamental component of this is paying your staff correctly on time! Errors in recording timesheets, making payment schedules, or incorrect amounts not only create more work and stress for you but can also result in some very unhappy team members. Having an expert on the job greatly reduces the risk of any errors occurring.
So, are you ready to save time, stress and money in your business? Then get in touch with the team here at Admin Army. We have a whole squadron of payroll experts ready to take that job off your hands. Drop us a line today to see how we can help streamline your payroll.