If payroll is a big resource drain on your business, you might want to look at outsourcing it. Here are some of the benefits of doing so.
Payroll is one of the most important aspects of any business. After all, if you don’t pay your employees, they won’t work for you, and then it’s hard to see how you’ll have a business at all. However, it’s also a big drain on your time, resources and energy, which can increase your stress levels and make it harder for you to plan for growing your company.
So what’s the answer? You could hire someone to sort it out for you, but this isn’t going to be cost-effective or practical if you’re an SME with only a few employees. Even in larger businesses, your HR department could probably better use their time. However, another option is simply to outsource your payroll to a third party.
This might sound unusual, but companies like Brookson are specialists at dealing with the payroll of SMEs and small businesses. If you’re still not sure if this is the right option for you, here are three reasons why you should be outsourcing your payroll:
Avoid costly errors
Did you know that most payroll errors actually end up costing you twice? Whether it’s filing a P6 incorrectly, paying staff for hours they haven’t actually worked or some other mistake, the initial financial loss to your company is likely to be increased due to the amount of time that has to be spent correcting things; time that could have been used completing paid work.
Outsourcing means not having to worry about the financial impact of these mistakes. Not only will you be in the hands of professionals – meaning errors are much less likely to happen – but fixing them will be down to the company you’re outsourcing to, so you won’t have to spend any extra time yourself.
Save your business time
Speaking of time, payroll can be a surprisingly large drain on a business’ resources. Your HR department can grow surprisingly large as you take on more staff, and this area of your company won’t actually bring any additional income. Worse still is if you’re doing payroll yourself as if you’re the owner of your business your time will be much better spent on growing it and planning for the future.
Outsourcing means that all of that time spent on payroll will be given right back to you. It’s scalable as well, meaning that no matter how many staff you take on, you won’t have to worry about committing any additional time to organise their wages; it will all be done for you.
Access anywhere, at any time
If all this sounds good, but you’re concerned about not having oversight over this crucial area of your business, don’t worry. Outsourcing your payroll doesn’t mean you’ll lose all visibility of the ins and outs of your company; in fact, you might even have more transparency than before.
For example, at Brookson everything we do is saved in the cloud giving you easy access to it from any device, no matter where you are. As long as you have an internet connection, you can check up on how your company’s doing and make sure everything