Six Benefits of Outsourcing Payroll
Payroll is an integral part of business and it is especially important to get it correct as its main function is to compensate your hard working employees. Australia has one of the most complex payroll environments, which means there are a number of factors to consider when deciding to outsource payroll or to do it in-house. Here are six benefits of outsourcing payroll to a managed payroll company such as PaysOnline.
1. Save Money
According to a Price Waterhouse Cooper’s White Paper commissioned in January 2011, businesses that manage payroll, HR functions and time & attendance in-house spend on average 18% more administering these functions than organisations who outsource these functions.
2. Save Time
Time spent on calculating pays, deductions and remitting payments to employees and the ATO can be eliminated by utilizing an outsourced payroll provider. By outsourcing these functions, an organisation can better utilize their resources and labour throughout their business.
3. Avoid Penalties
Penalties can occur due to late submissions of end of year returns, late payments of PAYG taxes, incorrect payments to employees, incorrect information shown on employee’s payslips and substandard reporting of hours worked by employees. An integrated time & attendance system combined with a reputable payroll service provider can eliminate these unnecessary penalties.
4. Better Reliability
By outsourcing your payroll, you will effectively have a team of payroll professionals on hand to assist with any urgent matters with regards to your payroll. This is a huge benefit to businesses, as their payroll expertise doesn’t leave when the payroll person does.
5. Reduce Risk
Sensitive payroll information and data can put a company’s reputation at risk if it falls into the wrong hands. By outsourcing your payroll to a reputable organisation, you can be rest assured that the data is stored securely, using the same level of security as your everyday internet banking.
6. Reduce The Pain
Financial aspects such as payroll processing quite often, ends up being done by those whose main tasks are everything but (HR managers doing the payroll – sound familiar?) Payroll processing can become an unwelcome – but necessary – distraction.
Outsourcing payroll may be the answer
Outsourcing payroll to PaysOnline will give you the peace of mind you deserve. Contact us today for a customised solution fit for your business.
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