Why the Payroll outsourcing process has huge business benefits
Payroll can be a nightmare for any size business, but luckily sophisticated Payroll systems, handled by Payroll Professionals, are set up to assist even small business owners.
The benefits of Payroll outsourcing include:
- Reduced personnel overheads if you have a larger business that would require dedicated Payroll personnel.
- Time savings – in more daily ways you can imagine, not just on the ‘payday’s, and especially when it comes to doing your taxes. Everything you need for your tax submissions related to Payroll will be consolidated and provided.
- No need for ‘Payroll’ training for employees of small businesses: When Payroll is handled in-house, it’s not enough to have your accounting administrator trained to execute Payroll tasks. What if they call in sick? What about leave periods? If you can’t take over these tasks yourself as business owner/manager, you need to have trained back-up.
- Guaranteed timely execution. No late payments or compliance submissions.
- Streamlined data management, efficiency and security. The sophisticated Payroll systems used by Payroll professionals, such as Xero Payroll, are secure – both from outside hacking and internal ‘holes’ and errors that can all too easily creep in.
- Full, trouble-free compliance with tax and other regulations: This can a huge advantage. There are so many rules and regulations when it comes to labour law and tax compliance, that outsourcing Payroll would remove a major headache for any size business owner.
- Accuracy: There is no risk of human error creeping in, as can easily happen when Payroll is executed in-house by a busy employee who may, in some cases, be overwhelmed by the duties weekly, bi-monthly, or monthly Payroll tasks on top of other tasks. Especially monthly, when payday coincides with deadline days on other financial matters.
Overall, outsourcing your Payroll to a professional payroll service saves you time and money and worries. You will also have access to any extras an external Payroll Service offers – which they usually do. Xero Payroll systems, handled by your Payroll Specialists equals Xero Payroll mistakes, data breaches, infringements, penalties and concerns.
Tat Accounting assists small and medium business’s by giving them a free conversion to Xero payroll and accounting systems. Please contact us on 086 123 3346 for a free strategy session, we would like to hear from you.
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