5 reasons to outsource your company's payroll
With careful planning, the benefits of outsourcing payroll capabilities can be realised almost immediately.
1. Save TimeThe key to saving time with any outsourced business function is a detailed scope of requirements, roles and responsibilities. Time spent on compliance, regulations and training staff on using internal systems is eliminated. Cloud-based payroll services can also give more control to employees, eliminating time spent by HR updating entitlements, leave and benefits.
Time previously occupied by data entering can also be saved when payroll and HR systems are able to access the same data. With fewer mistakes, time spent coordinating and cross-checking information is eliminated.
2. Save MoneyHaving fewer full-time employees can cause a ripple effect on cost savings throughout an organisation, from HR and IT through to office space and utilities. The savings in outsourcing payroll services starts with eliminating costly IT infrastructure.
Even in organisations of thousands of employees, investing in customised software solutions is increasingly being replaced by cloud-based solutions. Payroll services providers manage, maintain and improve secure platforms with highly skilled and specialised engineers and business process managers. Even for a large organisation, the cost of hiring and retaining specialised staff is expensive and increasingly seen as unnecessary.
3. Focus on Your Core BusinessWhat began as a trend has become the status quo. Every small business already outsources at least one critical function: telephony and internet access. Websites are hosted externally; email services, accounting software, sales and inventory management have proven invaluable as outsourced products and services.
Outsourcing payroll services allows an organisation to focus on the business functions that generate revenue and invest in strategic resources that increase value and drive growth.
4. ComplianceWhen payroll isn’t a core competency, the complexity of work place agreements and EBAs virtually guarantees costly errors within an organisation. The Australian government’s National Employee Standards (NES) provide a frame of reference for minimum compliance that requires vigilance and expertise to remain compliant.
One of the functions of a payroll provider is to ensure that the minimum standards are adhered to and, in concert with HR, are communicated effectively to all employees.
5. Improved SecuritySince banks have become impenetrable, criminals have moved on to payroll and invoicing. Payroll systems are particularly lucrative, with identity information providing an added bonus to the vast sums being stolen.
Online and digital security is complex and costly. Payroll outsourcing providers invest in highly skilled specialist staff to maintain robust payroll systems that are fully secure.
Numbers & Co. is just one call away!At Numbers & Co., we understand the benefits of outsourcing payroll and can assist you with the transition. Get in touch with us now and learn how we can help your business!
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