Payroll software has made inroads in the small business market. This is because it gives such business owners full control over how their employees are paid.
Staffing a payroll professional or simply using a programme to do it yourself offers many benefits. Let me teach you about a few...
Four reasons to manage your own payroll
#1: You'll have instant access to your data
If you manage your own payroll, you'll have all history on hand. This will make obtaining access and answering questions easy. When you outsource your payroll, you'll have to call your account representative to do this. And this could take days!
#2: You won't stress about security
Payroll data is sensitive. Therefore, you might not be comfortable handing it over to another company. If you manage it yourself, security and privacy won't be a concern.
#3: You might save money
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The key to getting through a SARS audit is preparing for it before your unwelcome guests arrive
That's why we compiled How to survive a SARS tax audit
This guide reveals audit secrets like:
· What risk areas SARS' auditors are interested in
· Four Expenses SARS will target during an audit
· What SARS will consider about your transfer duty
· The nine risky strategies used to avoid tax
· 11 Questions you'll be asked about your cash flow
And so much more…
I'm sure you can see how tips like these could reduce the headache of a SARS audit significantly.
Outsourcing your payroll costs money. It might be cheaper to get an in-house employee to do it for you. Or, even better, do it yourself! If your schedule allows, that is. It's important to note that managing a payroll can be quite a task.
#4: You might be doing most of the work anyway
There's something payroll outsourcers won't ever tell you… It's that there's no way they can handle 100% of your payroll functions. You (or a member of your staff) will always have to manually provide data. For example, timesheet info, paid time off, and so on.
If you're already compiling this data, it may not require many extra steps to enter it into in-house payroll software!
At the end of the day, your payroll solution should depend on what best suits you. In terms of efficiency and cost.