What does it mean to outsource your payroll?
This entails committing to a third party in terms of partial or full payroll processes. The third party, being professionals, who can do everything from calculating earnings and deductions to net salary amounts and filing related taxes.
There is a vast beneficial impact for a company who choses to outsource their payroll, which we will look at below.
Access To Expert Advice
An outsourced payroll provider will offer you personnel who have an in-depth understanding of payroll laws and regulations, including complex issues that may relate to payroll taxes.
Meeting Compliance Requirements
An outsourced payroll provider will ensure compliance and avoid unnecessary penalties that relate to non-compliance. Compliance of laws, regulations and mandatory rules is of utmost importance.
In comparison to carrying out the payroll processes in-house with regards to the necessary personnel needed, equipment and up-to-date accounting software, outsourcing the company payroll is a cost-effective measure.
Regardless of the number of employees within the organisation payroll processing demands significant time and attention. When this is being outsourced there is ample time to attend to other tasks.
If you would like advice or further information on outsourcing your payroll, please feel free to reach out to our Outsourced Accounting department.
Junior Bookkeeper, Johannesburg