Forward-Thinking Financials: Why Update Your Payroll Services?

Businesses tend to get stuck in their ways. No one is to be blamed, as humans, we are naturally not inclined to welcome change. But when it comes to matters of finance, you want to know that the best services and software are in place for the greater good of the business. If you are considering updating your payroll services, here is what you stand to gain in your business.

Minimize operating costs

Your finance division is always looking at ways to pivot spend and get a nice looking bottom line. But what if there are saving solutions to be found within the very finance division itself? Seeking outsourced payroll services is a great way to reduce operating costs, which can be re-allocated to another need area or be absorbed back into the business. Instead of paying one, or even more, salary – you can save on the headcount through an end-to-end payroll services solution. Redistributing your finance team may be the missing ingredient to taking your business success to greater heights.

Modern and intuitive

Software gets passed on, year in and year out. It’s not exactly the sleekest, and probably stopped being completely functional quite a while ago – but it’s what you have, right? That no longer needs to be accepted with modern payroll services available and fully customizable to your business. These outsourced payroll services will aid your business more than your existing onsite system because it is designed to be intuitive and accessible by all.

Hands-on support from experts

There is nothing worse than sitting on hold with a customer support service and they have no idea what they’re talking about. Fortunately, your payroll services are created by those with finance backgrounds, and any queries and concerns can be flagged with experts and remedied swiftly. The best part? You will finally be able to delegate issues to look into, while you get back to work.

Increased safety

Payroll services also eliminate any security codes and breaches that sit on the shoulders of your payroll and finance division. This way all sensitive information sits offsite, and there is no way it can fall into the wrong hands or be made public in any way. This includes things like salary, bonus’, leave requests and subsidized or salary sacrifice arrangements. This will be a huge sigh of relief to those responsible for this task, as we have all experienced a human error at one time or another – and this is one you don’t want to make.

Stay compliant

2018 brought with it changes to payroll procedures, and business had no choice but to be compliant. For some businesses, this meant spending some money to update their systems so they could meet the new government requirement. Using payroll services means you don’t have to worry about new or old software – because it is being managed and maintained offsite to a high standard.

No reporting on your end

No matter what time of year or day of the month – there is always reports to create and generate. They are understandably an asset to your business, but the manpower that it takes to consistently churn them out takes a toll. Payroll services takes that off your table, with over 200 standard report options that you can receive as often as you like. Imagine the end of the month coming and going with no frantic spreadsheet surfing.

There is only upside to using payroll services, with more businesses signing on every day. It’s a different way of doing things, but these changes have been enforced, and embraced, for a reason to consider it for your business. If 2019 means re-evaluating your operating costs and ways of working, this could be a way to streamline your success and grow your bottom line.