The employees of your small business are critical to ensuring the continued success of your businesess. As a small business owner, it is your responsibility to ensure that your payroll is efficiently managed to ensure employees are paid accurately, on time, and that your business payroll is SARS compliant. We have highlighted the top 8 benefits of outsourced payroll services to demonstrate why so many small businesses are opting for this simplified way of handling their payroll. When looking for accurate and efficient outsourced payroll services South Africa, SureBooks is the small business accountant for you.
8 Benefits of Outsourced Payroll Services South Africa:
When it comes to handling your small business payroll, you have two options. You can handle your payroll in-house where either you or an allocated employee will determine weekly or monthly gross pay, make any necessary deductions, and make the payments to your employees. Your second option is to find a reliable payroll services provider that you can outsource your payroll needs to. We have outlined 8 ways that your small business will benefit from outsourced payroll services to demonstrate why this is the preferred choice for many small business owners.
1) Employees are Paid on Time:
With an in-house payroll system, there is an increased chance of delayed payments due to being busy with business operations or leaving the payroll to the last minute. Outsourcing your payroll ensures that no mishaps occur with your payroll that will delay your weekly or monthly payments. Outsourcing your payroll ensures that no payments are made late to your employees, keeping them happy and financially secure.
As a small business owner, it is your responsibility to ensure that your employees are remunerated accurately and on time for the work they have done for your business. By outsourcing your payroll to a payroll services provider, you will be demonstrating to your employees that an expertly handled payroll is important to your small business. Your employees will then feel that the work that they perform in your business is valued and appreciated, and this will ensure that they continue to provide your business with their best effort.
2) Achieve Complete Accuracy:
Mistakes can easily slip in when handling your payroll in-house. This may be based on the allocated employee not being fully equipped to handle the payroll responsibility or errors resulting from rushing the payroll process to stay on top of other business operations. Payroll mistakes can result in disgruntled employees, which can affect their loyalty to your small business.
An outsourced payroll service will offer you total confidence that your payroll is being calculated and paid accurately. Whether your employees are paid cash or by deposit, they will receive the exact remuneration they are owed by your small business. You can trust that your payroll will be error-free and that your employees will remain confident in their position at your small business.
An outsourced payroll service also prevents any inaccuracies that may be leading to fraud within your small business. When your payroll is done in-house, it means that the employee handling the payroll will be on the payroll. This can result in them manipulating their working hours or deductions in their favour or in another employee’s favour, which will affect the accuracy of your payroll. Outsourced payroll services offer professional services that will only provide a fair and accurate payroll.
3) Compliance Competence:
Your payroll forms an important aspect of your small business’s SARS compliance. Aspects such as Pay As You Earn (PAYE) and Unemployment Insurance Fund (UIF) will need to be handled by your small business on behalf of your employees. These taxes need to be done accurately and submitted on time to avoid any potential fines or audits on your small business by SARS.
Outsourced payroll services will be competent in ensuring total compliance with your payroll. PAYE and UIF will be accurately deducted from your employee payroll. Your outsourced payroll services provider will stay up-to-date with any changes in regulations, and apply these accurately to your payroll when necessary.
4) Allows You to Focus on Your Business:
Doing your payroll in-house is time-consuming. Even in a small business with few employees, it will require time and effort to ensure that your payroll is done correctly. Aspects such as tracking absence and sick days, recording hours spent on overtime, and ensuring the calculations are done precisely will take your attention away from running your business or prevent your allocated employee from engaging in value-adding activities for your business.
By outsourcing your payroll to a payroll service provider, you can allocate your entire attention to running your business. You or your employee will no longer need to spend hours a week or a month recording and calculating your payroll, and can rather focus on productive activities. Your time as a small business owner is important, so allow professionals to take this time-consuming task off your hands.
5) Offers you Peace of Mind:
The major benefit of outsourced payroll services is that it provides you with peace of mind. You do not need to worry about delayed or inaccurate payments upsetting your employees or stress about fines from SARS due to non-compliance with your payroll. You can trust that your payroll is being handled by qualified professionals when you outsource your payroll services.
On the rare occasion that a mistake occurs in your payroll performed by your outsourced payroll services, the mistake is not your problem to deal with. The mistake will be promptly and expertly handled by your outsourced payroll services. This takes away any potential stress associated with inaccuracies in your payroll.
6) Saves You Money:
While it is an additional expense to your small business to outsource your payroll, payroll services can save your business money. When profit is the key driver in most small businesses, any way of saving money is beneficial. We have briefly listed a few potential ways that your business will save money by outsourcing your payroll.
Employee Costs: If you are handling your payroll in-house, you may be required to hire an additional employee to incorporate into your financial team to handle payroll. Alternatively, you may need to increase the current salary of your employee that you have allocated to handle the weekly or monthly responsibility of payroll. This will be an additional monthly expense to your business that may cost more than selecting a budget-friendly outsourced payroll services provider.
Software Costs: An online payroll software is the most efficient and accurate way to handle your payroll. If you are doing your payroll in-house, you will need to spend the time to investigate the best software and then pay a monthly fee to use the software. There may also be software maintenance costs or unexpected costs to upgrade to better software technology. Outsourced payroll services will cover the costs of the software so that you do not have to.
Security Expenses: Your payroll will contain private information that needs to be kept secure. This information includes your employee’s full name, address, contact information, salary information, and other personal information. It is your responsibility as the business owner to ensure this information remains secure and confidential, which means you would need to invest in security measures if you are doing your payroll in-house. With outsourced payroll services, you can enjoy the benefits of security without the monthly cost.
SARS Fines: Outsourced payroll services keep your payroll SARS compliant which prevents any fines from SARS if you are found to be non-compliant. This protects your monthly budget from any unexpected expenses and the stress of dealing with SARS.
7) Constant Support:
Outsourced payroll services are experts in their field. By partnering with an outsourced payroll services provider, you will have constant access to professional support for your payroll. No matter your needs, you will receive advice from your qualified and experienced payroll services provider.
8) Accommodating Your Payroll Needs:
No small business is the same when it comes to payroll. You may have a few salaried employees, a few employees who are paid wages, or you may outsource certain services to freelancers every month. You need a payroll service that will be able to offer financial managerial efficiency to perform your unique payroll accurately.
Luckily, most outsourced payroll services can tailor their payroll services to suit the exact needs of your small business. From weekly wages to deducting UIF off of salaries to handling the constant monthly changes for sick days or overtime pay, your outsourced payroll services will accommodate your specific needs for your payroll. Outsourced payroll services make this entire process effortless.
SureBooks Outsourced Payroll Services South Africa:
If you are ready for your small business to start benefiting from outsourced payroll services, SureBooks is your first choice for outsourced payroll services South Africa. SureBooks is comprised of qualified, accredited, and experienced small business accountants that will offer you a simplified solution to your payroll needs. We keep your employees looked after with accurate and on-time payroll so that you can focus your attention on looking after your business.
With our outsourced payroll services South Africa, you can enjoy the benefits of the latest payroll software. We use Simple Pay, an online payroll software that records, stores, and allows easy access to your payroll information. Your payroll information will be kept safe and secure, offering you total peace of mind with our outsourced payroll services South Africa.
SureBooks outsourced payroll services South Africa make payroll easy, time-less, and stressless. Our outsourced payroll services South Africa will ensure that your payroll is SARS compliant so that you do not need to worry about fines or penalties. We will ensure all necessary PAYE and other tax deductions are correctly handled so that you and your employees can feel confident in our payroll services.
Most small businesses avoid outsourcing their payroll because they worry that the expense. With SureBooks outsourced payroll services South Africa, you can enjoy all the benefits of outsourcing your payroll at an affordable rate. We are driven to support small businesses through budget-friendly solutions to increase financial managerial efficiency.
About SureBooks:
SureBooks is a trusted small business accountant amongst numerous small businesses across South Africa. We offer expert accounting services, payroll services, and tax compliance services to small businesses across the industries. With us, you get the benefit of professional small business accountant services and great financial guidance to ensure the success of your business.
We offer our services to small businesses because we strive to be the partner that pushes your small business to the next level. Our leadership team contains experienced entrepreneurs, meaning we understand what it takes to run a successful small business. Our experience paired with our expertise, accreditation, and use of the latest technology ensures that we are the small business accountant that you can trust to offer your small business the best financial management.
Enjoy all the benefits of outsourced payroll services South Africa when you partner your small business with SureBooks.
