23 Aug Is it time for you to start outsourcing your business payroll?
All business start-ups are going to have to deal with payroll at one point or another.
While it might seem daunting, it’s actually a good thing, as your ability to have employees is a symptom of your business growth. The question that sits before you though, is whether you should manage your payroll yourself or outsource it.
The answer, simply, is that you should outsource it. Here’s why.
Payroll can be a time-consuming business. There are many ways to automate the process, but they still need to implemented and overseen to ensure proper operation. If you’re inexperienced, even setting up those systems can cost considerable time. If you choose to do payroll “the old-fashioned way”, that’ll be more time again. This is the time that, as a small business, you just don’t have. When you outsource your payroll, you get the peace of mind of knowing the payroll is taken care of, while you’re free to focus your attentions elsewhere.
Another symptom of inexperience when it comes to payroll is the prevalence of mistakes. Needless to say, your employees won’t take too kindly to mistakes being made with something as important as their pay. It also paints a pretty negative image of you as a business owner and can damage the confidence your employees have in you. They are one of your most valuable assets, so their trust is essential. When you outsource you get the benefit of considerable experience, which eradicates the potential for possibly costly fundamental errors.
All businesses want to grow, but as you grow and begin to take on more employees, your payroll system is going to become very complicated if you choose to do it yourself. When you outsource, however, you know that your payroll system can be scaled to your growing requirements with much greater ease. This means that you can focus on hiring the people you really want to benefit your business, rather than worrying about how you’re going to manage another three names on your already time-consuming and complex in-house payroll system.
These three reasons alone make outsourced payroll an investment you can’t afford to delay. Get in touch with SQK Accountancy, your small business accountant, to learn more.