Small business? Then consider these three benefits of outsourcing your payroll
Large companies have the resources to sustain large payroll divisions. Smaller business usually don't. Therefore, they look elsewhere for help.
Here are some of the top reasons why small businesses outsource their payroll...
#1: Compliance and accuracy
Payroll mistakes are common. Many small businesses find it almost impossible to stay on top of complicated tax code changes. This easily leads to errors. Outsourced payroll experts are less likely to make errors than an on-staff accountant or HR staffer. Why? It's simple: Because they've had specific training in this area.
#2: Time saving
Running a business is hard enough, isn't it? You don't have the time (or energy) to deal with admin tasks! Small business owners like you should leave finances and payroll to someone else. Let your focus lie on activities related to your core mission and vision.
#3: Lower long-term costs
Never make a fringe benefit mistake again...
Get in-depth, fringe benefit advice so you can avoid making common mistakes and having to fork out R1 000 per consultation with a tax
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· Find out how to calculate fringe benefits correctly to avoid costly mistakes.
· Be able to take control of your company's finances and stay on the right side of SARS.
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Outsourcing your payroll won't be a huge yearly expensive. In the end, it'll be more efficient and cost-effective than an in-house solution. This is mainly due to the fact that outsourcing will minimise payroll mistakes. And as you know, mistakes can cost you money!
At the end of the day, paying an outside agency to manage your payroll, tax liabilities, admin and physical checks will probably be less
expensive than having an internal person do it.