Are You Doing Your Own Payroll? Here’s 3 Reasons Why You Should Stop
At face value, it can seem like a great idea.
If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself and you have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, quite a lot can go wrong as you will have seen in the papers over the last couple of years.
Below are some of the reasons why you should consider outsourcing your payroll to the specialists who have the training and continuing education to make sense of the legislation around payroll.
It’s Time Consuming
With payroll there is a lot to figure out and it can take up a lot of your time! Collating timesheets, entering data into the system, working out taxes, leave calculations, figuring out how much to pay to IR, bonuses etc etc – ahh! A lot of time spent where you could be working in your genius zone instead!
You don’t need to study the ins and outs
Sure, you can go and learn about relevant tax legislation and leave calculations required if you want to. But then again, you’d be spending more time educating yourself, not to mention the possibility of making costly mistakes.
A payroll specialist, on the other hand, knows the ins and outs of taxes, overtimes, contributions, sales commissions, and bonuses. The bottom line is: professionals do this day in and day out and can do it better, and while they’re at it, you can get back to doing what you do best– like growing your business!
It may cost you more to do it yourself
One of the most common mistakes of small business owners is that they think they’re saving money by doing everything on their own. Remember, time is money– and as mentioned earlier, instead of dedicating your time doing tasks such as payroll, you can spend it more efficiently on business activities that drive profits and growth.
Also, if you get your payroll wrong or you fail to do it on time, you can get charged penalties and have some very unhappy employees.
A Better Approach
If you think hiring a full-time in-house payroll staff is not practical, you can always talk to us about taking care of your payroll requirements for you. Whether you need weekly, fortnightly, or monthly processing, our team is flexible enough to do it for you.
As payroll experts, we can keep your employees happy with timely and accurate wages, maintain tax compliance, and significantly ease your back office burden. If you would to explore this as an option, get in touch with us today and give yourself the peace of mind you deserve!