Payroll is one of the key processes of a business. Many business owners will know that payroll management is time-consuming and tedious. Especially, with the irregular work times during this covid situation. This article will cover 4 benefits why outsourcing your payroll is the way to go for businesses new or old.
1. Reducing Your Cost
Small firms are usually not able to manage and launch a payroll service in-house. In addition, payroll is unlikely to be handled by a dedicated employee at a small business. As a result, if you take into account the amount of time your employee spends on payroll, payroll training, and payroll document creation, as well as the cost of payroll software and training. You could be surprised when you compare the cost of what a payroll service provider could offer.
2. Saving Your Time
Going into depth on the point above, the time and resources you or your employee spend on payroll services could add up to be incredibly time-consuming. Especially when you have to perform this task monthly. In addition, by having your own in-house system you will have to spend time teaching new employees which is another layer of time spent.
Also, keeping up with constantly changing regulations will be incredibly difficult if you are the business owner/key personnel for other key departments in your business. Multiplied by the fact that you most likely need to perform this task monthly, outsourcing to payroll is the better option.
3. Access To Technology
Employers who want to grow their firm must have access to innovative technology. As a company grows, it hires more people, which means more reporting. With payroll software or systems, the ability to easily route large volumes of data into customized reports is critical.
Outsourced payroll services are accustomed to using these technologies. Today’s employees expect to be able to access their pay stubs, timesheets, leave management, and claims on their own. Managers would also benefit from the ability to approve leaves, claims, and timesheets through a payroll system. Employers who are unable to provide these options may find themselves at a disadvantage. Similarly, employers who try to learn and use payroll software might encounter errors and difficulties.
4. Statutory Compliance Guarantee
The laws and regulations in Singapore are incredibly strict at times. This means failure to meet compliance will result in you facing fines and penalties legally. This becomes incredibly stressful for a business owner especially for start-ups where fines and penalties could affect cashflows of the business.
By outsourcing a payroll service, you are not only promised high quality, accuracy and error-free payrolling. Any errors or mistakes, a professional payroll service will assume the cost and handle the liabilities.
Still, have doubts and concerns on whether you should outsource your payroll? Contact us today to get answers to your burning questions.
Alternatively, book a meeting with our experts to find out how Crystal Clear can help change your business’s payroll or other office backends today.