It is a real thing for a lot of employees working for small companies to be getting paid but still not getting a pay slip. It is unfortunate that this is not the only problem that employees have to face and yet are so easy to resolve. The bigger picture of this is that most start up companies, and even some medium sized companies are too busy chasing the bottom line that some of the administrative tasks such as payroll management fall on the side, however this has its downside for both company and employee. At SNC – TAX we have afforded a substantial number of businesses the luxury of focusing strictly on business while we manage their payroll, here are a few reasons why you may want to consider outsourcing your company’s payroll.
Save time and money: The major reason for companies not managing or implementing a formal payroll system comes down to the issue of time and trying to save costs. Especially for a small company that has limited resources with their main focus being to get the business stable and revenue generation, administrative tasks such as payroll management are usually not formalised and therefore not properly administered. The other issue is around saving costs employing someone to manage payroll usually means having to pay someone a monthly salary to do your payroll.
Outsourcing your payroll function therefore means that you get to save on time, as you do not have to spend time on this task, compiling and reconciling timesheets, calculating wages and then managing deductions and so forth. At SNC we set up the payroll system and run the payroll for you. And because service providers have a wide range of expertise working for them, who are well experienced the cost of paying a service provider in the long run proves less costly in comparison to paying a permanent, full time employee.
Management of statutory payments: An added advantage is the processing and management of statutory payments such as PAYE, UIF and SDL. These payments most people also find time consuming or do not completely understand the process therefore usually overlook or mishandle. This proves costly as it may cause the company to default and end up paying hefty fines. The great news about coming on board with us is that if your company is not registered for any of these statutory requirements, we will do that for your company as well. You want to ensure that when he need arises your employees can make use of their UIF as well as have access to skills development funds.
Accurate processing: When processing payroll, one cannot afford to make mistakes, this results in a lot of administrative stress, and time wasted. You will also have a lot of unhappy employees on your hands and this affects productivity and eventually your bottom line. When you entrust your payroll to highly experienced and well-resourced service provider, you have the guarantee of well and timely processed payments. Your employees have payslips which they can use whenever they are applying for credit and so on. These records will also be safely and professionally kept for you for future use and legal purposes.
If you are considering handing over your payroll to experts, give us a call and we will be happy to assist you with a professional service you can rely on, while you focus on the business.