When starting a business, you’re typically your only Team Member, and payroll couldn’t be simpler. You may not need to consider outsourcing. But as you grow, you will hopefully find yourself needing to take on more Team Members. And before you know it, what was once a very straightforward task becomes a giant undertaking task that requires most of your time.
This is where outsourcing your payroll makes sense. While it can be another cost to consider, it’s actually a great idea that easily pays for itself.
Here are some ways outsourcing your payroll can help you:
Free up your time
When it comes to small businesses, there is a lot of legwork that comes with running payroll. The time spent on payroll is pretty significant compared to the other aspects of your business. This is because it’s a complex task that must be done every week. You may feel that payroll is never done, and that’s because it truly never is.
An easy way to free up more of your time is to outsource your payroll.
You can then get back into other tasks that help your business thrive. With all the time you are now saving, you’ll wish you made the switch sooner.
Reduce errors
Yes, there are regular hours that you’ve worked that need to be accounted for, and that can be complicated enough. However, add in holiday pay, sick leave, employees leaving early or arriving late, and other complications. Suddenly, your payroll has become a daunting task that you would probably rather ignore.
This is why outsourcing payroll is so attractive. Because you are paying a professional to worry about all the little things, you no longer have to worry about all of the potential areas where you could make a mistake.
The thing about payroll mistakes is that it typically takes even more time to fix. Not to mention, you likely now have to try and satisfy a disgruntled Team Member.
With outsourced payroll, this mammoth task is done for you and, more importantly, done correctly. Every single time. And that’s good for you and good for your Team Members.
Reduce costs
While you may initially balk at the cost of outsourcing your payroll, it’s actually a money-saver. When you put a dollar amount on all of the time you spend struggling through, it is often enough to be able to pay for a professional.
Not to mention the cost of fines and penalties that can arise from mistakes. If you find yourself having to cough up money in these circumstances, you’ll wish you had outsourced your payroll sooner.
Maintain compliance
We can’t all be tax or finance professionals. Chances are, if you’re running a business, you have an entirely different industry on your mind. So, it makes sense to hire someone who’s in the business of payroll to look after this for you.
Maintaining compliance is a challenge that must be met yearly. And tax laws, regulations and awards can constantly change. The average person can’t be expected to stay on top of all of this information, so why not get someone who knows the ropes to take care of it for you? It could save you a lot of money come tax time.
Eliminate headaches
There is nothing more valuable than the feeling of being stress-free. When you hire a payroll professional, you can relax knowing that your business is in good hands, that your Team Members are getting paid correctly and on time, and that you’re doing everything right.
Final Thoughts
There are a lot of reasons why outsourcing your payroll just makes sense. By letting go of this time-consuming, demanding task, you will likely find that you enjoy your business more. Not only that, but you’ll be able to put your energy into other things, meaning your business will likely grow.
If you have any questions, feel free to Join the conversation…