There are times when a business should concede that outsourcing a non core business function is not only a wise thing to do, but at times is essential in moving a business forward. Reassessing the efficiency and productivity of business functions is a task that many successful businesses should complete. By doing so, businesses can uncover many opportunities for improvement as well as areas for cost savings.
If you run a business, chances are that your business goals for the year include one or more of the following:
- To focus on high-yielding business activities i.e. sales
- accelerate business growth
- improve productivity
- reduce operating costs and expenses
- invest in technology
- business expansion; and/or
- increase the bottom line.
This is where outsourcing payroll services can help you achieve some, and if not, all of these goals.
Firstly, by spending less time and resources on this function, you can focus more energy into other parts of the business. A managed payroll service can help you budget given it is a fixed expense, can help to remove the need for employing payroll staff thereby saving on employee wages and with a highly efficient payroll processing team completing this function for your business, it frees up more time to address other critical business function such as sales and business development.
Payroll outsourcing companies also provide extensive reporting enabling you to budget and forward plan for your business. These reports will allow your managers to manage their cost centers, absences and leave, time and attendance and provide data should there be a need for performance management.
If businesses are concerned about data security, this can be negated by choosing a payroll service company that prioritises security and is highly reputed. If businesses are concerned about losing control over payroll, they needn’t be. Outsourced payroll companies operate within strict agreements that stipulate frequency of payroll processing and specify key performance indicators including delivery times and accuracy. Payroll service companies are also bound by their service level agreements surrounding response times to payroll issues raised and resolving them. As such, there exists a structure of accountability and reporting that can provide your business with valuable information and insights that will allow for better business planning.
If you are seeking to refine your business operations, increase cost savings and maximise productivity, contact i3Group on 1300 725 647 or fill in the online form. To find out why more Australian businesses choose i3Group, click here.