- February 7, 2019
- Posted by: Melbourne Accountant
- Category: Payroll
Processing Payroll manually and doing it in-house can be a time-consuming process. Outsourcing your payroll to an organisation with payroll expertise like Nobel Thomas can liberate your staff to focus on more important value-added and revenue-generating activities.
Many businesses now harness the benefits of external experts to process their payroll, bringing significant benefit to internal efficiencies and the bottom-line.
Leverage Payroll Expertise
Most business owners and financial staff don’t have time to keep up with constantly changing regulations, tax rates, and government requirements. By outsourcing your payroll function, small and medium sized organisations can take advantage of external expertise.
By outsourcing, time spent on compliance, regulations and training staff on using internal systems is eliminated. Cloud-based payroll services can also give more control to employees, eliminating time spent by HR updating entitlements, leave and benefits.
Time previously occupied by data input can also be saved when payroll and HR systems are able to access the same data. With fewer mistakes, time spent coordinating and cross-checking information is eliminated.
Avoid Payroll Knowledge Walking Out the Door
If your bookkeeper or Payroll employee leaves, they will walk out the door with their knowledge of your Payroll process and other essential knowledge. Using an outside service eliminates that business risk.
Focus on Your Core Business
What began as a trend has become the status quo. Every small business already outsources at least one critical function: telephone and internet access. Websites are hosted externally; email services, accounting software, sales and inventory management have proven invaluable as outsourced products and services.
Outsourcing payroll services allows an organisation to focus on the business functions that generate revenue and invest in strategic resources that increase value and drive growth.
Since banks have become impenetrable, criminals have moved on to payroll and invoicing. Payroll systems are particularly lucrative, with identity information providing an added bonus to the vast sums being stolen.
Online and digital security is complex and costly. Payroll outsourcing providers invest in highly skilled specialist staff to maintain robust payroll systems that are fully secure.