Outsourced Payroll – Why is outsourcing my small business payroll a good idea?
As an SME owner, your employees can make the difference between success and failure, but the last thing you want is HR headaches.
Managing a large team means keeping track of everyone’s contract conditions, working hours, overtime, and salary deductions – and that’s just for starters.
Organising and managing your company’s payroll is essential but it can also be time consuming and expensive. That’s why an outsourced payroll solution could be the perfect choice for your business.
Let’s take a closer look at this process and how Bletchleys can help you streamline it so you can focus less on wages and more on growth and rising profits.
What payroll is all about – and why you don’t have time to do it yourself
Whether you have one employee or one thousand, keeping track of their salaries and wages can be a full-time job.
A well-managed payroll system lets you keep track of all the factors that come into play when managing and paying your staff on time. These include:
- Tracking attendance. Knowing when and for how long each staff member reported to work gives you a clear overall picture of your team’s performance and indicates whether your employees are fulfilling their obligations.
- Secure and confidential. Sensitive and confidential payroll data is often the most sensitive information in a business and it can be embarrassing if it falls into the wrong hands. With the new PoPI act it’s important to ensure that data is secured in a compliant manner. By outsourcing payroll services there is less chance of a breach in confidentiality.
- Calculating overtime. Employees who work over and beyond their contract hours at your request are entitled to overtime, and calculating these payments manually can become a serious accounting headache. A payroll system allows you to automate this and receive accurate weekly, fortnightly, or monthly or wage expenses for easy payment.
- Keeping track of deductions. Full time staff members must pay regular monthly contributions to the UIF, skills development levies, and other deductions on their wages and salaries. These amounts must often be matched by the employer and keeping track of them is essential. Changes in the SARS PAYE tax tables can be difficult to track, and failure to comply with them can lead to fines and other penalties. An outsourced payroll system includes automatic PAYE deductions to ensure full compliance.
An outsourced payroll system will carry out these functions seamlessly.
Bletchleys offers the following specific services as part of our payroll solution:
- Payslips, electronic payslips and IRP5’s
- Monthly/weekly or fortnightly Payroll Processing
- PAYE, UIF & SDL Returns (EMP201)
- Monthly declaration to Department of Labour (UI19)
- Monthly declaration to bargaining council
- EMP501 Reconciliations and Submissions
- Compensation Commissioner Returns
- Taxation structures
- Confidential payroll services
Why an outsourced payroll solution is perfect for small businesses
Calculating wages and checking attendance for every single employee in a company can be hugely time-consuming and there’s always a risk of calculation errors that could result in financial mistakes and disputes with your staff members.
Payroll software can be expensive, difficult to use, and time consuming for small business owners to manage. Outsourcing this process means powerful payroll management without the high overheads.
An outsourced payroll services solution using industry-leading software takes the hassle involved in managing staff related issues off your hands and frees up your time to focus on what matters most: growing your business. No need for expensive software, keeping track of updates, and annual licence fees.
To learn more about our outsourced payroll service, contact the Bletchleys team of professional accounting and business consulting experts today.
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