Payroll can be a complicated function for business owners and employees who might have never run it before. Still, many opt to handle payroll in-house with the help of payroll software. But, if you know anything about payroll in New Zealand, you will know that NZ payroll is one of the most complicated payrolls in the world. The software companies sell the story that as long as you use their software its easy and anyone can do it – right? Wrong!! Payroll is far more than just entering the hours.
If you are spending a significant amount of time on your payroll regularly or are worried that you aren’t complying with some laws, it might be worth it to outsource this function to a professional. Let 3rd Arm Admin explain why you may be better off outsourcing this function to a payroll service provider and what benefits it may offer you.
Eliminating security risks
While there are many businesses that run payroll inhouse and run it successfully it doesn’t always work. There are confidentiality issues with having a member of staff run the payroll, often multiple people have access to the same machine or passwords are shared and there are therefore security risks around your data. Confidentiality reasons and accuracy are one of the most common benefits that we hear from both small and large organisations are to why they outsource their payroll.
You may be thinking about hiring an in-house administrator to do the payroll for your business. This can, however, be a costly investment that your business may not be able to afford, and what happens when your payroll person takes leave or is away sick? Outsourcing, in this case, is an excellent option, as you only pay for the service you use. Additionally, you can save money by reducing the time that your employees work on the payroll, giving the time instead to tasks that further support the business’s finance.
Understanding payroll reports and payroll information relating to your company can be challenging if you know only a little about the process. Payroll professionals are able to put together simple to understand data and explain it to you thoroughly, which may benefit the financials of your business. They have the knowledge and experience to support your company in the financial journey, while ensuring that everything complies with requirements and all employees get paid on time.
Outsourcing your payroll has numerous benefits that will make your life as a business owner simpler and give you the time back to focus on more pressing matters. Hiring professionals that have expertise in all kinds of payroll systems will put your mind at ease that everything is taken care of in the background. Gone will be the days where you are worried you made a mistake or you get complaints from your employees that they haven’t been paid or have been paid incorrectly.
If you want to do great with your business, get in touch with 3rd Arm Admin, who are experienced payroll professionals and can take the challenge off your hands! Let the experts take care of payroll so you can focus on what’s more important!