One of the major factors that make a business successful is the optimum use of time and resources. It’s prudent to conduct a thorough analysis of all business functions and make a stand on non-core back-office functions. Many organisations are now outsourcing their non-core functions to 3rd party organisations who can perform the task more economically and efficiently. Payroll processing is one such option that consumes a lot of time and with the heavy reliance on accurate compliance, needs to be left in the hands of payroll professionals who understand the intricacies of getting payroll right the first time, every time. Outsourcing your payroll will almost always save you time and money and most importantly give you peace of mind.
The Australian rules and regulations pertaining to payroll are one of the most complex set of rules in any developed country. Effectively calculating ETPs and redundancies are just two examples of the complexities surrounding Australian payrolls. Left in the hands of a novice can result in severe fines and even court action.
Outsourcing your payroll process to true payroll professionals will minimise any potential risk of miscalculation and give you greater peace of mind. Competent payroll professionals are adequately trained and abreast with relevant rules and regulations. As payroll is their core business, payroll outsourcing firms will always have a more efficient and effective process that will ultimately save any organisation time and money. In turn, this enables you to concentrate on your core business activities.
Another key benefit of outsourcing your payroll is not having to worry about internal staff taking leave our being absent due to illness. So many organisations are reliant on the one individual to process their payroll, thereby posing an enormous risk should that individual not be present on the day of running payrolls!