If you are tired of being the executive manager, payroll services supervisor, personnel manager and entrepreneur all at the same time then you will benefit from making use of professional payroll services. Managing and processing the payroll is one of the essential business tasks which you simply cannot afford to do wrong.
Apart from the potential of facing the wrath of SARS for late tax return submissions there is also the risk of incorrect payroll slips and deductions to consider. In addition, you don’t want to have to explain why employees are paid late. Your plate may simply be too full to handle all payroll functions and it is thus time to call in the professionals.
Even if you run a medium size business with someone overseeing the payroll function there is still the hassle of checking all the invoices of contract workers, making sure that temporary staff has been paid the correct amounts and ensuring that salaries are paid into the right accounts at month end.
What if your payroll manager is not at work or you are on leave and not available to make the payments? The complexities of managing the payments of salaries and deducting the right amounts, providing correct payslips and submitting information to SARS on time can eventually cause extreme stress in your company. Consider some of the most prominent advantages of making use of affordable, yet, professional payroll services.
Saving on costs and time
Keep business overheads under control by saving on the costs of full-time payroll clerk employment. With fewer people in your employment you save all the cost to company expenses associated with each employee. In addition, you can also save on equipment, licensing, printer, software and IT maintenance costs. Other cost savings when outsourcing the payroll function include refreshments for staff, electricity, and floor rental space.
Small to medium sized business owners should focus on business at hand – growing their businesses and maximising profits. Having to spend valuable time on the management of salaries means potential money lost because your focus is on administration instead of your business.
Avoid confidentiality breaches
Your bookkeeper, payroll administrator or if it is your general manager handling salaries, has access to extremely sensitive information. Should the person leave your company to join a competitor valuable inside information might be shared or used against your company. Apart from such, you also always have to consider the risk of payroll fraud or incorrect submissions. At the end of the day you will be held accountable for the actions of your employees. Indeed, even your most trusted bookkeeper may leave your company and then you have to quickly find another reliable person to manage salary administration. With outsourcing none of these risks exist.
Keeping up to date with all the laws and regulations regarding employee taxes, salary payslips, deductions, and submissions can be a daunting task. If you are to focus on making a profit and growing your business, you won’t have time to attend every possible workshop on taxes, ensure correct procedures are followed, and update records in a timely manner. In addition, there are the dreaded submissions and at the end of the day, running a small to medium size business can simply become too much to handle. Outsource the payroll function and let a professional team take the burden of SARS compliance, on time submissions, and reporting off your shoulders.
Take advantage of external expertise
You cannot be expected to be a master of all trades and by ensuring that you have access to expert guidance on topics such as payroll and employee tax, you can ensure that your company keeps on the right side of the law while you can focus on your areas of expertise.
With outsourcing of parts or all of the payroll services, you will benefit from a clear audit trail and can know exactly how much you spend on the processing of salaries. With in-house salary administration it can be slightly more difficult to keep track of the costs associated with such. By knowing the exact costs, you are in a better position to manage your company optimally.
Benefit from on-time payments, no additional costs associated with hiring employees, and the peace of mind that comes from knowing that your company’s payroll is well managed. Make use of our exceptionally affordable and ever so professional, payroll services. Give us a call to discuss your particular requirements today.