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. Payroll is a process that can be optimized through a streamlined outsourcing solution, bringing incremental value to your business operations. If your business is looking to invest in time and quality, discover the benefits of payroll outsourcing
Payroll outsourcing maximizes time efficiency
Many organizations are now outsourcing their non-core functions to 3rd party organizations 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. The benefits of payroll outsourcing will almost always save you time and money and most importantly give you peace of mind. Redirect the strategy of your finance division, and apply those reclaimed hours to projects that will benefit the greater business function.
Payroll outsourcing assures compliance
Australian rules and regulations pertaining to compliance with your payroll duties 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. 2018 saw the introduction of Single Touch Payroll, which now requires regular reporting from employers and an overall structural change to the tax accessibility of employees. For many employers, this entailed software upgrades, a cost, and complication that was unforeseen for many small businesses across Australia. Outsourcing payroll eliminates the risk of non-compliant practice, lending you access to enhanced software and resources of your outsource provider.
Outsourced payroll leads to quality assurance
Outsourcing your business’ payroll process to true payroll professionals will minimize any potential risk of miscalculation and give you greater peace of mind. Human error doesn’t have to be endured with the right framework in place to eliminate wrong practices and even improve upon existing. 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 organization time and money. In turn, this enables you to concentrate on your core business activities.
Outsourced payroll ensures less reliance on staff presence
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 organizations 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. Adopting an outsource model will keep your payroll automated, and afford your staff the flexibility to take leave year-round without the fear of critical delays in payment.
Handing over the reins to specialized professionals will allow your finance division to work strategically, not bound by by the arduous non-core payroll process. Discuss your business needs with our i3Group payroll consultants and find out how our fully managed end-to-end solutions are enriching Australian businesses.
Check out our master guide with further resources about payroll outsourcing here!