Aussie Time Sheets are proud to announce we now offer an outsourced payroll solution. But what are the benefits of outsourcing your payroll function?
Outsourcing your payroll allows your business to free up time to focus on other important aspects of the business. It can be a time consuming and monotonous task, that eats into your productivity. In a recent study, Inc magazine showed payroll to be the number 1 task for companies to outsource.
For an average business with 10 employees, you can spend thousands every year on direct labour costs alone to perform payroll tasks. A professional provider will actually work out cheaper than hiring a part time bookkeeper.
With regular changes to government forms, legislation and withholding rates, it can be hard for a business to keep on top of the latest requirements. An external payroll company know the industry inside out and keep on top of all the changes. Their use of fast and accurate software, along with their expertise can reduce time spent on your payroll.
If you choose to do payroll in-house, any errors you may make can result in penalties from the tax office. Having a professional firm undertake things for you will ensure accurate reporting and no costly fines from the ATO.
An outsourced company will ensure the payroll software used is the latest version, and will have the most recent tax tables installed on their computers. Doing it yourself without the latest technologies can mean errors arise, and exposes your business to penalties from the ATO.
Having one person in your company doing your payroll can be a business risk. If they get a new job, all their payroll knowledge and techniques walks out the door with them. Using an outside company means you eliminate the worry of losing your valuable asset.
Contact us today to discuss your requirements.
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