Business today is trying to become a slicker, more collaborative, agile working machine – home to the best talent, delivering the best products, making the best sales – and ready to capitalise the market and lead through innovation. All wonderful things that are driving the core operations of most SMEs in our economy today.
However, surprisingly, there are still a number of organisations who don’t realise the opportunity that an outsourced payroll practice brings to them, and the way they run their business.
Naturally, we would say that – because that’s how we help businesses.
So, we thought we’d share 2 of our favourite reasons why our clients outsource their payroll to us, so that they can focus on growing their business – knowing that critical parts of their organisation are in safe hands – ours.
Large organisations (usually) have the luxury of employing teams of people to perform specific functions. Or, traditionally, they have. But with the spotlight falling on developing efficient, productive organisations, businesses are starting to realise that teams, and individuals themselves, now need to develop a more multi-tasking approach to becoming effective in larger areas of the business. No longer are they required to simply perform one specific task, but rather develop a networked approach to business development, cost improvement and output increase.
Small businesses, on the other hand, see things in a different light. An in-house payroll service is, very often, simply viewed as a money-burner – this is because if you work out how many hours your employees spend on payroll-related activities, add to that the costs of payroll software licensing costs, training costs, office hardware, tax documentation, payslips and more – you’d probably be surprised by the amount of money you’re spending on just one particular function of your business. When you compare that to the cost of
Big businesses can afford to maintain big payroll departments. For small businesses however, an in-house payroll service is a money burner. If you calculate the hours your employees spend on payroll-related activities, plus payroll software costs, training costs, printers, printing and distributing payslips, creating tax documents etc, you’d be surprised by the result when you compare that amount to the cost a payroll service provider can offer for doing exactly the same function – but simply offsite.
We, as business individuals and businesses as a whole, are under a lot of scrutiny when it comes to data privacy, and the way we process and store personal data. Wage information is probably one of the most personal collections of employee data that any company will possess, which is why they understand the importance of having the right structure in place that adheres to all relative Data Protection standards and practices. Although many companies used to believe that owning and processing data in-house is the best way to curb any type of data-threat, the reality is that data and cyber-threats have simply become that advanced that their in-house processes simply cannot keep up, and they make the decision to work with service providers who live, and breathe, data protection daily.
We know that there’s a fair amount of risk that comes with in-house payroll processes. Doors are wide open to identity theft as employee records are visible by all those who handle payroll, and the software used to process it all. Choosing to work with an outsourced payroll service provider gives you the peace of mind that your critical data is looked after, your teams are supported and your operations are kept on track, according to a schedule that suits you, and your business.
Naturally, these are just 2 of the many reasons why businesses entrust their payroll and pension services to us. Other reasons may include the fact that they simply don’t have the in-house expertise to get the job done, they are nervous about keeping themselves in line with ever-changing government standards and regulations, they need additional flexibility to be able to deploy their teams onto other projects without being tied down to 1 solid, slightly cumbersome process, and they simply want the peace of mind knowing that the job will be done when it needs to be, in the right time, with the right accuracy, every time.
If you’re interested in understanding more about how we can help your business, then give us a call today.