For many businesses, the decision to outsource payroll is not easy, with many factors to consider and risks to mitigate. However reviewing internal non-core processes to improve productivity and cut costs not only makes business sense, it is essential to the success and growth of any business.
So how do you know when you’re ready to use a payroll services company?
A good indicator of knowing when you’re ready to outsource, is when payroll processing is taking more time and resources than it really should. If there are ongoing payroll errors and miscalculations such as overpayments, underpayments, incorrect deductions and even missing payments – outsourcing payroll will immediately bring you peace of mind. Payroll miscalculations not only causes financial stress and brings hardship to employees and their families, but if it continues, causes distrust in employees as well as low morale. If you value your employees, then they deserve to be paid accurately and on time.
Another reason to outsource is that payroll can be quite a complex task to perform especially when calculating taxes, superannuation, deductions and interpreting modern awards. If your payroll team is not up to date with their payroll knowledge and training, you put your business at risk of operating outside of legal guidelines. Using an outsourced payroll service negates this problem as they consist of highly skilled payroll professionals who are across current policies and regulations. In addition, these are teams made of considerable payroll experience, confident in the processing of pays for organisations of various sizes and within different industries.
Payroll processing companies also ensure accuracy and provide on time delivery as these deliverables are often agreed upon and form a part of their service level agreements. Unlike internal payroll teams, these organisations pride themselves on efficient performance, quick response times and speedy resolution of payroll issues. Not only are they accountable to meeting performance targets but they work to ensure that your payroll function operates smoothly and continuously, with no hassles and no worries.
To find out more about the benefits that leading payroll outsourcing company i3Group can provide your business, click here. You can also contact i3Group on 1300 725 647 or complete the online enquiry form.