The world of business is a fast paced and ever evolving environment. Each day brings a new challenge, a new competitor or an improved technology to keep up with. While many relish this busy, bustling setting payroll is not a task many look forward to. Time consuming and at times frustrating, the benefits of outsourcing payroll can be an attractive and sensible option.
Time – this precious commodity is best used to focus on your core business, not ensuring timesheets are in on time and accurate. Inc magazine recently identified payroll as the number one task for small businesses to outsource with many citing a vast increase in time and less stress as a result.
Reduced costs – Working with a payroll provider can vastly reduce costs, with small businesses reporting savings of upto 85% after outsourcing payroll duties.
Technology – Another great reason to outsource payroll is the access to technology that can be gained. A payroll provider will likely have superior systems in place allowing for more flexibility and options when it comes to payroll. Providers are also keeping up to date with the latest mobile technology, with in app staff management available for ease and diversity difficult to obtain in house without great expense.
Resources – Operating an in-house payroll can consume a large portion of staff resources, particularly if staff dealing with this area are not trained particularly and have this as only a smaller part of their overall responsibilities. Outsources frees up resources so staff may concentrate on more essential tasks, with the possibility of saving greatly on labour costs.
Accuracy – With all the day to day worries of running a business, payroll can often slip through the cracks, leading to hurried completion and collating of time sheets. Errors can not only cause problems for accounting but may even lead to fines down the road if tax returns are filed incorrectly. Having an experienced and dedicated payroller manage your books cuts down drastically on mistakes and saves time and inconvenience all round.
Flexibility – Outsourcing can provide you with a tailor made payroll service so you won’t pay for or miss the key features to meet your individual business needs.
Focus – Whilst not being a function that directly leads to an increase in sales payroll is one of those functions that, if not carried out properly, can cause major stresses for your business, sapping internal time and attention away from core activities.
From costs to time, focus and flexibility outsourcing your payroll can have an extremely positive affect on your business, reducing stress, promoting growth and most of all keeping your attention where it is most needed.