6 Benefits of Payroll Outsourcing During COVID-19

payroll outsourcing

With COVID-19 feverishly working its way through our cities, governments, communities, and businesses, we are thrusted towards a new and unfamiliar normal. This global pandemic that has swept through nations have affected various sectors. Businesses, in particular, are vulnerable to its adverse effects, threatening to cripple resources, sales, finances and many others.

Is there a way to protect your company from the financial perils that this global crisis has brought? Fortunately, there is something you can do to hamper its impact. This crucial step will also set you up for a better and more optimised process in the future.

Here at Practical Accountants, we believe in the benefits of payroll outsourcing. Traditional bookkeeping tasks that are done manually are a thing of the past. As we step into a post-coronavirus era, we will need to make use of measures that reduce human contact to maintain safe transactions. But more than just a means to comply with safety measures, payroll outsourcing has a lot of other benefits.  

Should your company invest in outsourced payroll management? 

The nature of your business has a small role in determining whether you should outsource your payroll management or not. It doesn’t matter what kind of business you are in, the benefits to making this switch far outweigh the disadvantages.

For instance, if you have a dedicated payroll department right now, you will soon realize that outsourcing this aspect of your company is far more cost-effective. At a time where the economy is struggling to keep up, you might want to make this financially conscientious step to keep your business running. Here we present more benefits to outsourcing payroll: 

  • Time-efficient solution

Payroll is highly time-consuming. This is especially true if you don’t have a dedicated department that can handle this for your entire operations. You might have a small team for this, but without the proper tech and tools, you will hardly catch up to the current payroll standards.

With many credible accounting firms in Sydney, you have a wealth of choice when it comes choosing your provider. Payroll outsourcing services from these accounting firms will allow you to do all the payroll tasks that you otherwise cannot handle on your own. The best thing is that they do this at a rate much faster than you can.

As someone who runs a business, you know how essential time is. This is why you should invest in something that will save you time and free you up to focus on more important matters.  

  • Costs will be significantly reduced 

There are different reasons why your company might need to outsource payroll management. Depending on your goals and current realities, your choice to outsource might vary as well. For instance, you might want to outsource for the purpose of cutting back on costs. Outsourcing can help you with this goal since operating costs are much lower compared to assembling an in-house payroll team.

The COVID-19 situation has brought emotions to an all-time high. With high emotions, come costly errors and miscalculations. Don’t take this risk and instead, let seasoned experts take the payroll reins for now. Do remember to work with reputable firms and choose one that houses level-headed accountants that work well even in a crisis. 

  • Risks are identified and managed

There’s a famous saying circulating around internet boards nowadays that says, “The greater the risk, the higher the rewards.” This could not be further from the truth. Financial experts would disagree to this statement and say that to reap the highest possible rewards, one must mitigate risk. Not just mitigate but mitigate it well.

Accounting firms in Sydney offer risk assessment and management services along with their payroll outsourcing services. Take advantage of this opportunity to know where you are most vulnerable and lay the groundwork to manage this vulnerability.  

  • Data security is ensured

Accounting firms are obligated to keep every information confidential. From your employee data to financial statements, these data and information are secured from the moment you sign the dotted line. Again, you must ensure that the firm you are working with has a history of reliance.

Aside from this, accounting firms today are up to date with the latest technology and have in-house specialists who can secure these data while they are on the cloud. If you are on the fence about going paperless, perhaps this will convince you even further. 

  • Practices are compliant with regulations 

Businesses run under statutory and legislative requirements which means that you must be well-versed with the law and comply with the rules. If you go on without checking if you are still in compliance with the regulations, you might find yourself shocked one day when the regulators pound down your door and summon you to court. Nobody wants that.

Legislations are especially stringent on payroll processes among businesses. This tedious process involves taxation and superannuation which is why the government ensures that everyone is in check. So, make sure that you stay current and compliant as early as possible. Grab the chance to work with a talented tax agent in Sydney today.

  • Payroll experts are easily accessible

The best thing about payroll outsourcing is the knowledge that comes with bringing payroll professionals into your team. These seasoned experts have worked in various industries and have been exposed to the best practices that all these companies have. They hold the key to all you need to know about payroll, and you can have this reservoir of knowledge with just a call.

Certified Payroll Experts are world-class masters when it comes to monitoring and managing the payroll process. You don’t have to exhaust yourself looking for independent accountants, when you can work with firms that have already found the best. 

Unlock the wonders of payroll outsourcing with Practical Accountants

Rise above the challenges that COVID-19 might bring. Though you might have faced several setbacks due to this global crisis, you can still make the necessary change to catapult yourself forward. You still have a shot to protect your business with a reliable accounting partner like Practical Accountants.

Practical Accountants is one of the leading accounting firms in Sydney. Our services range from bookkeeping and business analysis to comprehensive payroll outsourcing. If you wish to make the change today, contact us at 02 9517 4726.  

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