Australian businesses are finding that the time needed to handle their payroll and related tasks is escalating at an alarming rate
. Not only is payroll management becoming more and more time-consuming, but also increasingly expensive.
Calculating payroll is a tedious job, and it is certainly not profitable. At a time when costs are eroding profits, the time and money devoted to company payrolls can seldom be justified or classed as economical.
In addition, theres the challenge of ever-changing employment legislation and regulations you have to work constantly to ensure that your business remains compliant. Even just a small mistake or omission in your payroll system can have significant repercussions and cost you money and time, and can also impact negatively on your staff.
Today, many companies are looking to payroll outsourcing for the answer and no wonder with so many benefits:
Annual, sick and long service accrual
Superannuation Calculation and fulfilment
Cost Centre and departmental allocations
Termination and redundancy calculations
Statutory compliant payslips in electronic or hardcopy format
Management and statutory reports
Records of all master file details
Employee access to online payslips and leave requests
Management of complete year end process
Payroll is an operating cost for any business and its a complex process for any business whether you a sole trader or multi-national organisation. Many businesses outsource their payroll due to the fact that it gets more and more complicated each year and the time and cost involved in keeping up to date with new changes doesnt return any direct advantages.