Like sales, customer service, and marketing, payroll is an essential part of every business. Although it’s one of the most tedious bi-monthly tasks, it is how companiess compensate their employees for the work they’ve done.
When there are errors and miscalculation in the payroll, employees will feel dissatisfied and unmotivated to work. You may even face severe penalties with repeated calculation errors. Aside from that, you must also be updated with the latest payroll regulations to ensure compliance. So, making a payroll mistake can be a costly one.
If you’re an owner of a small-medium enterprise (SME), you must consider payroll outsourcing services. By outsourcing your payroll, you can avoid all the hefty penalties and reap all these benefits:
1. You can significantly increase productivity.
In-house payroll processing is a time-consuming and repetitive process. Imagine keeping track of benefit deductions, new hires, terminations all while growing your business. That can be a lot to take in. Each year, significant labour hours are spent to ensure that the payroll is on time.
Payroll outsourcing allows you to focus on your business objectives. You and your team can start working on strategic tasks that could significantly improve the operations. When you book a payroll service in Sydney, you take the load off your shoulder and free up precious time that can be utilised to increase workplace productivity.
2. You can reduce operating costs.
You can reduce the direct costs of processing payroll by outsourcing it to a payroll service provider. While big businesses can afford to maintain an in-house payroll department, most SMEs suffer financial setbacks to keep one.
The payroll process is truly a money burner. If your business has fewer than 50 employees, you can save money by outsourcing your payroll operations. But before deciding to do so, you can let your accountants run the numbers. Start by figuring out how many labour hours your employees dedicate solely for payroll-related activities.
After which, you can calculate the total payroll expenditures and compare it to the cost of the plans offered by different payroll services in Sydney. You’ll be surprised to know that when you consider all the other factors, payroll outsourcing services is a more cost-effective option.
3. You can avoid costly mistakes.
Maintaining an in-house payroll department is not as easy as many employers think. Aside from the operating costs and the reduce time to concentrate on expanding the business, it can also mean costly penalties and mistakes.
In case you didn’t know, many small business pay a hefty sum on penalties for late or incorrect fillings and payments. They are also subject for penalties for errors, omissions, or late payroll tax fillings.
As you can see, not all SME owners are experts when it comes to the ever-changing tax regulations and compliance requirements. So, if you are an SME owner, let the professionals handle all these things for you. By doing so, you can guarantee error-free and accurate filling services.
4. You can have a streamlined system.
Do you still do the traditional method of handling out payslips when payday comes? Are you tired of having to do this twice every month? When you hire a payroll service in Sydney, you can embrace a more convenient system, like the Human Resource Information System (HRIS)
Whether you’re a 20-person office or a multimillion corporation, having an HRIS can increase your efficiency. It allows you to cut costs on doing manual human resource management tasks. More than that, it also offers tons of features for both employers and employee, including:
For Employers:
- Check Invoices and Payroll Reports
- Seamlessly Access and Update Employee Information
- Keep Track of Employee Relations
- Upload Benefits and Plans
- Schedule and Conduct Performance Reviews
- Track Paid Time Off and Leave Credits
For Employees:
- Review Paychecks
- Access Benefit Information
- Check Corporate Documents
- Easily Apply for Leave and Paid Offs
5. You can enjoy total peace of mind.
Most business want to avoid the stress and hassle of processing payroll. When you hire professionals for payroll services in Sydney, you won’t have to worry about a thing. You only need to provide all the necessary information, and the payroll company takes care of the rest. No headaches, no penalties, no manual labour. You
Outsource Your Payroll, Make the Practical Choice Today!
With all the benefits that come with outsourcing payroll, it’s time to look for a provider that offers the best solutions to suit your needs.
Whether it be a payroll, bookkeeping, or accounting services, Practical Accountants takes the lead in creating efficient, hassle-free, and innovative payroll and accounting solutions every time.
To know more about our services, please call us on +61 2 8080 8070 or send us an email at info@practicalaccountants.com.au
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