Managing the payroll of your company employees is an essential part of running a small to mid-sized business, but one can’t deny that it’s also a time-consuming activity. Every end and middle of the month, you’ll have to take your attention away from the primary processes of your business just to take care of salaries, taxes, and deductibles, and this can really put a damper on the progress of your company.
If you find that taking care of your company’s payroll is taking up too much of your time, then you should seriously consider getting a third party company who can handle the task for you. As opposed to hiring a new employee to take care of it or handing it over to an equally overwhelmed personnel, outsourcing has advantages that can directly help in growing your company, but without requiring significant resources. With the assistance of outsourcing experts, you’ll easily find a BPO company specializing in payroll systems. Here are some of the benefits of going with this option:
It helps you keep focused on expanding your core business.
If you’re a relatively small startup or medium-sized enterprise with a limited head count, then you might be able to squeeze in handling your payroll between work and your own personal time. However, as your workforce inevitably grows and your employees become more highly-valued in your business operations, handling payroll matters on your own will become increasingly complicated.
Aside from keeping track of every employee’s salary and making sure that it’s in line with their current key performance indicators, the task also involves complying with standard bookkeeping practices. Not only that, you have to finish all these in time for the next payout. Organizing a lot of data within such a short time can leave you exhausted.
But by outsourcing your payroll duties to another reputable company whose main service is to handle such matters, you get all that time and energy back. You free up a lot of time and get to devote all of it into expanding your business contacts, refining your operations, or even directly involving yourself in scouting out talented individuals for your workforce.
Remember, you’re the boss of your company – you need to delegate the tasks that would take your time, energy and attention away from the things that truly matter.
You end up saving more and worrying less.
The traditional solution to having a difficult time with your company payroll has always been to hire employees with the skillset and qualifications necessary to handle it in-house. While this is no doubt an efficient solution, it’s also a very costly one. Plus, you probably still have to supervise these new employees to make sure that they are familiar with the system you use and that their work is free of errors.
Outsourcing takes care of this by reducing your payroll handling expense to just a service fee, allowing you to save massively on another employee’s monthly salary, health insurance, and other payables. At the same time, it also ensures that your payroll is handled by an experienced and competent team of financial and HR experts, as provided by your BPO firm of choice.
No matter how complicated your business setup is or how much paperwork they’ll have to handle, a competent payroll service provider will be able to ensure that all your employees are compensated for adequately while complying with all legal and tax requirements. The end result here, then, is that your overhead costs are kept relatively low even while your payroll duties are being handled competently.
Your company’s financial records and data will be more secure and protected.
Handling your payroll in-house involves its own set of risks. Costly data breaches, for example, can happen to small startups and huge enterprises, and culprits can come from within or outside the company itself. If you choose to store your employee records as well as your company’s financial details in an unsecured location or system, that information might be liable to tampering, embezzlement, and unauthorized disclosure.
Sometimes, even if you have a competent and trustworthy personnel handling your payroll matters, you still can avoid the breaches instigated by hackers and other outside forces. While hardening your servers against such attacks should be mandatory, it’s an added expense that may still be bypassed by a person who is determined to break into your system.
Outsourcing companies that deal with sensitive financial data take security seriously. In order to keep data safe, they invest in security features and systems. Your payroll data and financial information will not only be stored on highly-secured and hardened servers that sport cutting-edge encryption technology, but they will also be stored away from your office premises. This means they won’t be easily tampered with by a person within your company. The fact that an entire company’s reputation is staked upon the safety and security of your data means that there is an increased level of transparency and accountability involved as well.
As the person at the helm, you have an obligation to devote most of your energy and your time to making important decisions necessary to grow your business. Don’t let yourself get bogged down with menial duties and tasks that can easily be delegated to someone else. Outsource your payroll now and reap the short-term and long-term benefits that will ensure your company’s growth and success.