Top Reasons Why You Should Outsource Your Payroll
Lets Look Into Why You Should Outsource Your Payroll
In 2020, maximising your own time, as well as that of your employees, is of paramount importance. A lot of businesses get stuck in the cycle of neverending paperwork related to payroll compliance, especially if they are new to the market or in their first few years of operation. Business owners are constantly on the lookout for new ways to save on time, resources and money and the COVID-19 pandemic has certainly presented an even more challenging climate to do so.
Outsourcing your payroll could be a way to free up time to focus energy on client acquisition and business development, rather than getting stuck in a cycle of admin that is better left to be taken care of by experts in the field. The following are some of the top reasons to consider outsourcing your payroll moving forward.
Outsourcing your payroll to a specialist means you don’t have to worry about payroll balance sheets that are out by a bit, or be left wondering about whether you’re covering all bases related to PAYE, UIF, VAT and SDL related compliance. Agencies working specifically with payroll management on behalf of other businesses give their clients peace of mind related to payroll management, industrial relations related tasks, as well as giving businesses access to specialists in the field at all times.
Reduced Risk and Liability
With this peace of mind comes the added knowledge of reduced risk and liability to the business when there are mistakes. Outsourcing payroll, for instance, significantly reduces the chances of your business being involved in labour-related lawsuits. Everything is done above board, and through a third party designed to mitigate risk, and to keep up with any unforeseen and foreseeable changes in legislation which may directly affect the business.
Overall Cost Efficiency
Cost efficiency is the name of the game in 2020, and when needing to cover overheads for a large and expensive HR team, it may be challenging for SMEs to stay afloat. Not to mention the office space that a large team takes up as well. By outsourcing HR related tasks like payroll, overheads are reduced in the long run, and instead the business can dedicate resources to hiring and training specialists in fields related to the growth of the business.
Collaborating with a Pay-Master Partner
Known as a “Pay-Master Partner” to clients in industries across the board, Ubuntu Resource Management is a great place to start if you’re considering outsourcing your payroll to an affordable and dependable agency. Their team is on top of weekly and monthly payroll related tasks, payslip management, IRP5 returns, EMP 202/501 recons and submissions, and so much more. If you’re worried about the economic landscape in 2021, and are looking at ways to run your company more efficiently by focusing squirrely on important tasks like business development and new client acquisition, consider a collaboration with a partner who will have you covered at all times, and as if they have been a member of the team from day one.