With payroll processing taking up valuable human resources and often also accounting for the largest expense of the business, it is time to seek new solutions. Payroll outsourcing for your business, irrespective of your company’s size, is now available to free up resources and lower payroll management costs. If you are still not convinced that payroll outsourcing for your business is the answer, then read about the top benefits of not handling the task in-house.
If you run a small business with only a few employees, you will know how much time you have to spend monthly in calculating salaries, including sick leave days taken, leave, deductions such as UIF, SDL, medical aid, pension, and tax. You have to calculate benefits and the salary slips must be accurate. Payment of salaries must be on time and you still have to remember to do all the submissions to SARS and the various bodies such as UIF. Add to the administrative burden temporary personnel, day wage workers, entertainment spending by employees, travelling fees and pay-outs and you will agree that the time you spend on handling the payroll could be better used on growing your business.
Even if you have one or more payroll officers to handle the tasks, you still need to check accuracy and they too form part of the payroll. If you own or manage a larger firm you’ll know that an entire department can be allocated just to handle the payroll function. The time spent doing calculations and submissions could have been allocated to core critical business functions.
With personnel employed to handle the payroll function in-house you add to the monthly expenses of the company. The direct costs associated with payroll processing can be significantly reduced when using payroll outsourcing for your business.
You save on overheads such as electricity, printing, computer maintenance, equipment, communication costs, and rental space. In addition, you save on payroll because you don’t have to employ people to handle the complex function. All such costs add up and with the focus of business being profit generation every step you can take to streamline non-critical functions means more money available for cash-flow and investments.
SARS doesn’t take lightly to incorrect payroll processing and late annual submissions. To ensure timely and accurate submissions according to the latest regulations you can outsource the payroll function for your business to a company such as The Tax Shop.
With a team of experts we ensure full compliance with statutory requirements, accurate deductions, submissions, tax certificates, and payments to the relevant authorities. In this way you can avoid costly penalties and don’t have the risk of non-compliance because of internal errors. Add to such the need to stay up to date with all regulations, tax tables and legislation and it becomes apparent that your staff will also have to attend regular workshops, seminars and training regarding payroll and tax regulations. This means people away from the office and the added cost of training. When outsourcing the payroll function you don’t have to deal with any of the above.
Avoid the Knowledge Drain
With your payroll personnel requiring training to stay up to date with legislation, your company invests in them. Should they leave the firm, they take their expertise with them – you thus lose money and valuable knowledge. With payroll outsourcing for your business, we ensure that our personnel stay up to date and we thus carry the burden of costs regarding training and knowledge investment.
Why The Tax Shop?
We have a proven track record of service excellence dating back to 2002 and have franchise outlets throughout South Africa to ensure that we are able to provide the payroll services nationally. With a team of experts, we provide you with the best possible payroll processing expertise, thereby allowing you to focus on your business while we manage the payroll function.
Our services include, but are not limited to:
We can handle the complete payroll function or only part of it. With service packages structured according to your needs we ensure that the solution benefits your company.
Benefit from our solution of payroll outsourcing for your business. Use the online request form to obtain more information and one of our consultants will contact you to discuss a solution to your particular payroll function requirements.
View our full range of professional accounting services and make use of the online quote request form or contact us for personal consultation.