Ensuring that your employees are on paid on time is a key part of the efficient running of a business–it sets standards to be adhered to and sends the message that your employees and their needs are well taken care of, in turn fostering greater employee satisfaction.
Seeing to it that a such a system works like a well-oiled machine, along with making sure that the requisite deductions are made and allocated to their respective boards, all while keeping an eye on your core functions can be a challenge.
More serious, still, the time-consuming nature of keeping all these moving parts in check broadens the scope for mistakes. With regard to issues of statutory fees and employee’s salaries, there is very little to no room for error.
Here are five reasons why outsourcing your payroll function can actually serve you better than taking on the responsibilities on your own.
Small and medium-sized business, in particular, are no doubt feeling the strain of the bleak economic conditions. Leaner teams, longer hours and fewer resources for the same or even greater results are all part of the game of staying afloat in the economically volatile present.
“When a company fulfils its own payroll functions,” explains Head of Payroll Client Services, Tenille Harriott-Lewis, “you don’t get to focus on what needs to be done, what matters.”
Having the resources of both money and time slip through the cracks is certainly not an option, more so now than before. Engaging a firm that specialises in payroll services can keep you focussed on product and/or service development, marketing, client relations, and any other areas that are crucial to your company’s success.
Our personable and professional staff are simply a phone call or an email away, and any queries are promptly responded to, eliminating any concerns linked to not having your payroll functions managed under another roof.
Expertise speaks to experience, which, in turn, speaks to efficiency. This triple “e” combo is why the delicate and intricate matters of payroll should be entrusted to the capable hands of professionals who claim years of training and practice in the field.
Harriott-Lewis tells, “Sometimes payroll is linked with Human Resources, but often HR staff don’t specialise in dealing with matters such as outstanding taxes and interest.”
Missing a beat with the required deductions can result in penalties, on which interest is accrued, creating an additional strain on your business.
“As a team of professionals whose focus is payroll, we’re constantly liaising with the boards and as a result, we remain up-to-date with any changing demands,” Harriott-Lewis explains.
Under the microscope
The audit process is the fine-tooth comb that reveals all the should and should-not-haves of a business’ financial decisions. Often, it’s not until the audit reporting phase that light is shed on the errors made.
“Our various levels of checking, which include reviewing of information, information verification and quality assurance see to it that all bases are covered to ensure accuracy,” Harriott-Lewis assures.
This guaranteed clarity and accuracy significantly lowers the likelihood of financial missteps coming to light during the routine audit.
A Local Helping Hand
Your company may be based outside of Trinidad and Tobago and may be looking to expand into the country. Such an extension requires knowledge of the local statutory requirements and other allocations necessary to avoid penalties.
Putting your payroll functions in the hands of those with the necessary expertise and expert knowledge of the country’s laws as related to statutory payments can save you from some making very expensive errors.
“As a foreign company,” explains Harriott-Lewis, “when you outsource, you’re in a better position to be prepared for what needs to be done.”
Additionally, local companies that contract workers who move in and out of the country regularly may not be entirely aware of what aspects of their foreign employees’ salaries are tax deductible.
Engaging payroll professionals also offers access to the latest software used in the field, which, among other functions, allows for password-protected payslips to be sent directly to employees.
Environmentally-friendly and easily accessible, digital payslips are also ideal for offshore employees.
“Companies have actually spent less money outsourcing payroll services than working with the software on their own,” Harriott-Lewis tells. The introduction of new software often requires training, which not only costs additional money, but also robs the business of the more valuable resource of time.
With a team of long-practising and experienced payroll staff, the hassle of having to undertake this work on your own is eliminated; you can rest easy knowing that expertise is directing the process and that the latest and best technology is at play; and the local payroll-savvy is beneficial to foreigners who may require guidance.