Why Hiring a Payroll Service is a Winning Strategy for SMBs
Running a small to medium-sized business (SMB) can be a complex process. More often than not, the CEO or owner has numerous job descriptions that can range from sales manager to financial officer – and handling all these various tasks can be draining and unproductive in the long run. This is why SMBs generally outsource much of their administrative work, especially their payroll services. We have a saying here that a plumber didn’t set up a plumbing business because he is good at accounts or marketing or social media – he went into business because he is a good plumber.
So why is hiring a payroll service a winning strategy for SMBs? The payroll experts here at 3rd Arm Admin outline some of the best reasons why payroll processing should be left in the hands of professional payroll service providers.
1. Improved business accountability
There are many compliance rules and requirements that businesses must consider when processing their payroll, the greatest requirement is meeting leave requirements. Our payroll in New Zealand is extremely complex and often people are paid incorrectly. We’ll keep your wage records, collate and check timesheets, manage deductions, ensure your payroll is processed and paid on time and much more.
2. Professional tax expertise
Payroll service providers are trained to process taxes accurately and promptly. Many small businesses pay penalties each year for late or incorrect filings and payments. Outsourcing your payroll processing will be cost-effective in the long run as you can avoid paying any penalties and fines, which outweighs the cost of a professional service.
3. Accurate financial reports
Payroll services will provide you with accurate financial reports that allow you to get a bird’s-eye view of how your business is performing. You can receive summaries on timesheets, expenses, departmental reports, PAYE returns, IRD payments such as student loans, KiwiSaver reports, and more through professional payroll services.
4. Greater productivity
Outsourcing tasks that are beyond you or your employees’ immediate expertise frees up time for you to grow your business. Most businesses can’t afford to waste endless hours doing administrative work. Outsourcing your payroll allows you to spend this saved time more productively on strategic functions of business, thereby boosting your company’s growth.
5. Peace of mind
Above all, payroll processing services provide peace of mind. By outsourcing payroll and other administrative work, you can rest assured the job is taken care of by trained professionals, eradicating any worry or distractions that come with handling the paperwork.
3rd Arm Admin – Wellington payroll service experts for SMBs
Hiring a payroll service is a winning strategy for SMBs in New Zealand – especially when you’re provided with a professional, accurate, and reliable service. The administrative team here at 3rd Arm Admin delivers all this and more through years of experience and working with established businesses in the greater Wellington area.
Ask us how we can help you today – contact the 3rd Arm Admin team or simply call us at 04 232 9199.