Whether you have 10, 100 or 1000 employees, payroll is much more than a transaction process. For a small business, payroll can be incredibly time-consuming and often stressful due to the time-sensitive pressure of paying employees on time, and not to mention all the other duties involved!
If you are reading this as a business manager, entrepreneur or advisor and have questioned the efficiency of your business’ payroll operations, you have clicked on the right page!
We asked our Payroll Wiz and Manager, Mari-lette, what the top payroll challenges are which businesses face and what the benefits are of outsourcing payroll operations.
- Keeping up-to-date with automated technology
- Cost and availability of payroll professionals
- Obstacles of leave management
- Threats to confidentiality of data
- Inconsistency of reporting
- Time-sensitive pressure
- Changing state and federal regulations
- Accurate and timely processing
Did any of these pain points stand out to you?
On top of these challenges faced by payroll and finance officers, they also bare the additional responsibilities of calculating voluntary benefits, superannuation, tax, leave management and handling general queries. Large businesses have the additional consideration of maintaining contractors and labour hire, especially within the mining, engineering and construction sectors. Add on the extra complexities of international expatriate hiring!
Simply put, outsourcing payroll mitigates all of the above pain points, and saves organisations the cost in investing and maintaining an effective and efficient internal payroll team to conquer the challenges.
So what are the advantages to outsourcing payroll?
- Centralised and strategic human resource management process
- Time saving
- Ensures regulatory compliance
- Transparent and punctual payments
- Absolute accuracy
Outsourcing enables companies to save money and time, prioritise business growth and maintaining solid business operations and should be considered as a top priority to streamline!
Employees determine a company’s success and growth potential so above all, effective payrolling will protect your greatest assets.
Want to know more about payroll processing options? Visit our website at https://www.peopleconnexion.com/payroll/