Outsourcing your payroll can offer your business many benefits.
While many may be hesitant to hand over their payroll management to a third party, the truth is that it is a massive opportunity to streamline your business and save money.
It is for this reason that more and more businesses are choosing this option and will continue to do so.
Here are some of the key benefits of outsourcing your payroll.
Outsourcing your payroll may sound like an additional expense, but it will save your business considerable amounts of money.
This is because you will be allocating your precious work hours to other important business activities that can result in increased productivity and ultimately improve your bottom line.
Time is money, and it is of critical importance that you manage your time effectively.
Fully managed payroll services are specifically designed to optimise the payroll management process, ensuring that you save money.
Managing your payroll in-house brings with it a variety of security concerns that you need to consider.
These range from technical issues – such as how you store this data, and who can access it, and human issues, such as identity theft and embezzlement.
Managed payroll service providers actively ensure that none of these security threats come to fruition.
They use a variety of important security features such as encryption and electronic payment methods – which ensures that any errors can easily be traced.
Payroll management services are knowledgeable on the various legalities surrounding payroll management to a degree that most businesses can’t match.
This is because outsource payroll management services are dedicated to this one field – whereas your business’ HR department has countless other priorities.
However, failing to abide by the legal requirements of payroll management can result in significant penalties being placed upon your business.
Payroll management services can help you avoid these mistakes – saving your business money and avoiding stressful situations for your HR team.
Payroll services are often a secondary task in the eyes of your HR employees involved in this process.
Because of this, they are more likely to make mistakes, operate with sub-optimal systems, and use techniques and solutions that aren’t industry-leading.
In contrast, a payroll specialist is dedicated to this important activity, which means that they are well-versed in all the best practices required to offer the most accurate and efficient payroll management.
These payroll services also know exactly which software and systems are the best in the industry and can utilise this to ensure they offer superior payroll management services to your business.
Rosstone offers expert payroll services to South African businesses.
They are proficient in all relevant South African labour law and taxation requirements and can therefore ensure that you don’t have to worry about legal issues in the future.
Their payroll services include a vast range of features, such as:
- Onboarding and off boarding of employees
- Salary and wage processing
- Monthly management reports and reconciliations
- Employee leave management
- Annual reconciliation of payroll taxes and submissions
- Preparation of IRP5 tax certificates and submission of end-of-year tax reports
- Payment of net salaries as well as third party payments
To learn more about how Rosstone can help your business, contact them about your business’ requirements.
This article was published in partnership with Rosstone.