It is critical to allocate business and management resources to key functions that drive profits and positive customer solutions. Administrative tasks, often requiring specialist knowledge, can place a heavy burden on businesses, causing strain on efficiencies and creating risk.
One such process is payroll management, where legislation and processes in Australia can be time-consuming and complex. However, once considered only accessible for larger organisations, Australian businesses of every shape and size are now outsourcing their payroll services to expert providers and consultancies. This is why 47% of companies choose to outsource their payroll services.
In this article, we will explain 10 main benefits of outsourcing payroll to a professional payroll processing company.
1. Time-Saving on Payroll Administration
First and foremost, payroll processing requires a great deal of time and attention to detail, regardless of the size of your company. The repercussions of slight administrative errors can often have widespread and significant consequences.
When you outsource your payroll processing to a provider, you not only save money that might have been spent hiring a payroll resource, but you will also be saving time by hiring an expert. Professional payroll companies have deep experience in handling various payroll situations and will save you the time and effort of hiring or training an in-house employee. This time and effort spent can be re-invested into other profit-generating facets of your organisation.
2. Better Reporting and Continuity
A professional payroll service can provide basic payroll administration or a more complex solution, depending on your business requirements. They will also use technology platforms like a HRIS payroll system for improved payroll reporting and generating comprehensive data for analysis. The goal of payroll is accuracy and timeliness, and outsourcing ensures that your business and its employees receive an enhanced experience, whilst guaranteeing that they also consistently get paid on time and in the correct amounts.
3. Information Security and Confidentiality
Payroll data is sensitive and must be protected. With a constantly evolving regulatory and cyber landscape, it is now more crucial than ever to ensure your data is safe and secure. With data security now paramount, two questions must be answered when considering your current payroll arrangement: How safe and secure are my company servers? and, how do I protect my employees’ data?
Using a credible payroll outsourcing company is key to the peace of mind that your payroll data is not at risk and is dealt with by a professionally qualified organisation. It also keeps your data in safe hands and backed up regularly to avoid losing important information.
4. Payroll Compliance with Government Regulations
Compliance with payroll rules can be a complex process. It requires meeting various statutory regulations and standards, including the accurate computation of gross to net salary and statutory deductions. There is also a need for the preparation of the year-end reporting.
These business tasks are intricate and need to be handled in a timely and mistake-free manner to avoid costly audits and penalties.
By outsourcing your payroll to BoardRoom, you are removing regulatory risks by remaining a compliant employer, allowing us to update and prepare all your documents and reporting requirements accordingly, correctly, and on time.
5. Cost Savings
At the core of any organisation is the need to monitor unnecessary costs and optimise expenses. It may seem simplest at first glance to assign a task such as payroll management to your internal finance or HR department, however, these options could incur greater costs for your company in the long term.
Systematic tasks such as calculating payroll, the distribution of payslips, recording of time and attendance and the preparation of payroll taxes to the government, can take a toll on an in-house team that isn’t trained to do it accurately and swiftly.
Outsourcing payroll can save you money and allow you to allocate revenue to profit-generating tasks.
6. Expert Knowledge of Local Laws and Regulations
When you outsource payroll to a team of experienced and knowledgeable professionals, you can easily stay up to date and educated on all of Australia’s labour laws, regulations, and protocols. We also have payroll experience in 19 countries across APAC, meaning you can stay compliant across the board if your company is stationed in multiple locations. This effectively doubles up on your risk minimisation.
7. Increased Adaptability
Having a team of experts with years of experience in the field means they are easily adaptable to constantly fluctuating business environments and the ever-changing payroll compliance landscape in Australia, allowing you to reconfigure your payroll service solutions as necessary. Our solutions are flexible and scalable, with the option to centralize or decentralize coordination.
8. Reduced Stress
Your in-house HR and administrative staff can lift a weight off their shoulders when you outsource your payroll management services. Valuable time and effort can be spent on other tasks that need attention, and there is no need to worry about miscalculating payroll or any formulas during busy periods, as the BoardRoom team will be taking care of that for you.
9. Direct Access to Payroll Experts
Outsourcing payroll to a professional company provides access to a team of experts who can offer deep expertise, a compliance focus, and act as an extension of your business. No matter what size your business is or what industry it belongs to, BoardRoom has vast experience with offering payroll services and knowledge to companies in Australia and across APAC, allowing you to fully harness their solutions and advice to better your business.
10. Value-Added Services Beyond Payroll
In addition to payroll services, some companies can offer complementary solutions such as accounting, corporate secretarial, ESG Access services, and corporate actions advisory services to further boost your business efficiency and maintain consistency across all your operations.
BoardRoom’s payroll solutions offer a hands-on service style coupled with industry leading technology to ensure that employees are paid on time and businesses are complying with Australian regulations.
Discover the Benefits of Outsourced Payroll with BoardRoom
At BoardRoom, we support early-stage corporations, fast-growing SMEs and multinational corporations. We allow our clients to focus on what matters – growth, profitability, and managing risk – while ensuring their most valuable asset, their employees, are paid on time.
Coupled with award-winning payroll technology software, BoardRoom’s team of payroll professionals has the skills and expertise to help you gain an advantage through efficient, accurate, and compliant outsourced payroll services, allowing you to enjoy a plethora of benefits whilst watching your business soar to new heights.
Contact us today to empower your organisation with freedom through comprehensive payroll solutions.
Further information about our payroll solution can be accessed here.
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