7 Empowering Advantages of Outsourcing Your Payroll
Payroll can be a complicated process that requires considerable time and effort, not to mention the expertise of someone who knows what they are doing. The payroll market has seen significant growth in recent years as companies become more aware of the benefits of outsourcing their payroll services.
While not always the easiest option to take, payroll outsourcing can be a powerful solution for companies that need help with payroll administration or want relief from the stress it brings. Outsourcing your payroll provides several benefits that can help your company become more efficient and competitive, as well as give your employees peace of mind.
This article will discuss the top seven advantages of payroll outsourcing and how your company can benefit from outsourcing its payroll responsibilities.
What are outsourced payroll services?
When your company outsources payroll, it takes on a solution where payroll specialists do a part or all of the work. You will receive outsourced payroll services, which means you outsource specific tasks to an outside company that specialises in this area.
Payroll is a professional and dedicated division of MASA, and our in-house specialists administer an excess of 12,000 worldwide payroll transactions monthly. Our outsourced payroll services in South Africa are focused on essential tasks, and we provide a cost-effective, enterprise-grade service that includes:
- Payroll Administration
- Capturing and reporting on leave and absenteeism
- Transfer of salaries and wages to employees
- Preparation, print and delivery of payslips
- Customised payroll reports for your business
- Ensuring statutory compliance by monthly preparation of the monthly EMP201: PAYE, UIF, COID, SDL, Union, bargaining council, garnishee and pension/provident fund deductions and payment to relevant bodies
- Preparation and submission of EMP501 and annual IRP5
- Assistance with all payroll related queries
By outsourcing payroll to MASA, you can rest assured that we can handle all aspects of the entire process and ensure compliance with statutory requirements. Our experienced team comprises client-first, operationally minded payroll specialists who bring their combined skills and experience to every client relationship.
Advantages of outsourcing your payroll
The objective of payroll outsourcing, like with any outsourced services, is maximising efficiencies. Payroll outsourcing is beneficial because it allows companies to focus on their core business activities while specialists handle the rest.
Rather than getting bogged down with administrative work like payroll processing, your company can double-down on its efforts and put more of its attention towards achieving business growth. Outsourced payroll services can bring significant advantages to your company, so let us explore seven of the most empowering ones.
Workload reduction
Outsourcing your payroll services means reducing the workload on internal staff and allowing them to focus on other important tasks that could benefit your business. It takes away some pressure from overworked employees who may be bogged down with administrative work like processing salaries and paying employees.
Payroll outsourcing also has a positive impact on staff morale because they can focus their attention and energy on more high-level work that contributes to achieving company KPI’s and objectives. It’s a win-win for both employers and employees.
Cost savings
Payroll processing can be costly because companies have to pay more for an employee or department with the necessary skills and experience. By outsourcing your payroll, your company can save money by utilising quality services from qualified experts on a flexible basis.
Payroll outsourcing cuts down on overheads, helping your company save money on things like office space and equipment, payroll processing software, internal administrative staff and more.
Improved accuracy of data
The continued exponential growth in technological innovation requires companies to remain at the forefront of their industries. Outsourcing payroll operations has proven to be an effective strategy for teams nationally and internationally because it provides flexibility and access to cutting-edge technology as and when needed.
Outsourced payroll services help improve the quality of information being processed by providing a more accurate view of what needs to be done at each step to complete all tasks effectively. This also ensures that all required documents are in place and that there is no room for human error, which can considerably impact the accuracy of your accounting information.
Risk protection
By outsourcing payroll services, you can mitigate risks because MASA will ensure that all statutory requirements are met for both employees and the company. Payroll outsourcing reduces exposure to various risk factors like litigation, fines and penalties, and damage to reputation due to non-compliance with laws governing compliance issues.
Data security is an essential part of any payroll process, and outsourcing to an agency like MASA reduces exposure to computer viruses and hackers and data theft.
Expert workflow
MASA’s workflow is based on ISO and international best practices, and our payroll processes rely on efficient mechanisms to capture essential salary information from employees on a timely basis. Outsourcing your payroll ensures that your company’s data will be captured and reported regularly, giving you a more accurate view of financial performance.
Payroll outsourcing also provides timely delivery of management accounts to key stakeholders, which is beneficial for the business because it allows them to make crucial decisions based on reliable data.
Flexibility
Payroll outsourcing provides flexibility because MASA will develop a payroll solution specific to your business requirements so you can achieve your desired results. Your company gains access to cutting-edge technology and services as and when needed, bringing a sense of security and peace of mind that you will never be left behind during challenging moments.
Ultimately, payroll outsourcing offers a wide range of payroll solutions to suit your business needs and budget. This flexibility allows you to achieve company goals more efficiently and effectively without worrying about administrative tasks like payroll management or compliance issues that could impact profitability.
Expert management
Outsourcing your payroll provides you with access to a team of highly skilled professionals whose primary focus is to provide the best possible payroll service.
Your company gains access to on-site payroll administration and expert paycheck management services, which reduces your exposure to risk factors like litigation fines and penalties and damage to reputation due to non-compliance with laws governing compliance issues.
At MASA, we don’t miss pay runs or fail to resolve queries immediately. We are acutely aware that non-payments, late payments, errors and unresolved issues impact heavily on our staff and our clients and work to complete all payroll processes correctly and on time, every time.
Putting the power in your hands
Outsourcing your payroll offers the competitive edge that your company may need to survive and thrive during these times of economic uncertainty. It gives you the power to focus on your core business, knowing you have a trusted payroll partner to help you achieve your goals.
MASA has an extensive network of regional offices that allow us to operate with unmatched efficiency both nationally and internationally. If you are looking to outsource your payroll, we are the preferred payroll specialists ready to empower your company through our expert services.
You can visit our website for more information and contact MASA for your payroll outsourcing needs.
