If you have staff then you have payroll. If you have great staff that you want to keep then you know that the most important thing you can do is to make sure that they are paid, accurately and on time. Nothing makes an employee disgruntled more than their pay being wrong. They come to work every day, they service you and your customers to the best of their ability, they are dedicated and committed and the one thing that they ask in return is that you get their pay right.
So if payroll is not something that comes naturally, and if it is not someone’s full time job, then it may be best to outsource this function completely from your business.
Here are our top 3 reasons that you should start outsourcing your payroll:
1. Peace of mind
When you are running a business there are 101 things to focus on and consider. Payroll is a function not related to your products or services and doesn’t affect your customers. Therefore it is an easy area to outsource and will provide you with peace of mind that this function is taken care of and you can focus on the areas of the business.
The world of payroll is complicated, and there are award rates, payroll tax, national payroll employee standards and Fair Work to consider. Not to mention single touch payroll and super reporting. By outsourcing this function you can breath a sigh of relief that you don’t need to stay on top of this information and that your agency will ensure that everyone is being looked after.
3. Increased efficiency
By outsourcing tasks such as payroll that can be easily completed by someone else it will free up you and others in your team to focus on their area of expertise and their zone of genius.
Once you have decided to outsource the payroll function, there are a couple of things we suggest to ensure that it runs as smoothly as possible.Firstly, make sure you use a reputable company. Don’t be persuaded on price, have a number of criteria that you review before you make a decision. Use a company that will provide a level of service and resources to you to match your current needs, but also those that you may anticipate you will need in the future. Ask for references!
You will need to set up a process of how the payroll will run, such as inducting new employees, what reporting you need and when and how your existing staff access and update their information.
Outsourcing your payroll can be a huge relief, so do your homework, take the time to set up your processes and procedures and enjoy having this area of the business functioning smoothly.