Every business is guilty of experiencing Groundhog Day at one point or another. We tend to accept the good with the bad, feeling regimented into the financial structure and payroll process that was set out before our time. Fortunately, there is always an opportunity to optimize your structure, and deploy outsourced solutions that will relieve the pressures of your internal team and harness a greater performance from your business. If any of these signs sound familiar, it may be time to explore an outsourced payroll solution.
End of month feels like end of the world
Understandably, there is always more to do when the end of the month rolls around. Balancing, reporting and being in the best position possible for the new month ahead is a shared desire among the ranks. But does it have to be such a painful process? If this urgency and pressure is evident every month, it may point to signs of a greater issue. Outsourcing payroll will remove a critical and time-consuming function within your finance team, which will allow you to deploy your resources to the finer details of the end of month checklist. Map out your end of month procedure and deliverables in your current team structure, and then eliminate your payroll responsibilities from the equation to understand whether or not this creates an ideal, and more realistic, workflow.
Employee leave is a tensions topic
Research suggests that one in five professionals refrain from taking their holiday leave as they do not believe they are in a position to do so. No one in your finance structure should have to fear requesting annual leave, and no business should feel buckled under the absence of one employee. Outsourcing payroll will relieve that pressure from both parties, allowing your business to thrive year-round, and your employees to stay engaged by taking adequate leave. It will also reduce that expectation that one needs to answer pesky emails on holidays and check in with the office team.
Accuracy, compliance and privacy is not assured
There is more to payroll than just paying employees on time, there is also the matter of accuracy, compliance and privacy. Failure to conduct your payroll with 100% accuracy could make for a mess in the immediate or distant future, a mistake that costs your team time and money to reverse. Have confidence in the fact that a dedicated agency will assure total accuracy in reporting, and compliance in line with the recent changes to payroll (Single Touch Payroll). It also reduces the responsibility of manual reporting and data storage within your own network, which is as arduous as it is unprotected. Having private and sensitive information stored under your control doesn’t need to be another worry on your mind by outsourcing that function of your business to a neutral agency.
Your headcount and turnover are up
Retention is a responsibility of an entire team, and a measurable metric that touches all departments. If your headcount and turnover is up, this is an expensive sign that your financial structure needs a refresh. Choosing to improve your outputs by outsourcing your payroll will relinquish you of the responsibility to employ, train and nurture a larger workforce. This concentrates your focus so that you can be more present with your smaller headcount and address turnover head on. Any small business that goes through a stage of growth will attest that it’s harder to keep your finger on the engagement pulse when your workforce expands.
Outsourcing payroll has a myriad of positive attributes, the least of which will be felt outside the bounds of your finance and business support departments. Take the reins in your business by moving this pivotal function out of house, and into the experienced hands of a leading payroll outsourcing service.
Thousands of businesses in Melbourne and beyond have benefitted from the services of i3 Group, reclaiming lost hours and ensuring seamless business operations. Contact our team of finance specialists online to discuss a solution for your business, or call (03) 8340 1600.
Check out our master guide with further resources about payroll outsourcing here!