Running a business requires a diverse range of skills. A “jack of all trades” approach is not the best strategy for creating a successful business. The range of skills required naturally dictates that the business will at some point need to seek out professional or experienced employees or professional external support. Even if you are starting out or running a one man/woman operation there will come a time when diversification of skills and labour will be required.
The law of nature dictates that even a dedicated owner of a business cannot do everything by themselves. Either they will not have the right skill set or they simply may not have the time required. For example it will take anything from one day to a week to run a payroll depending on the size of the business.
Keeping employees happy
If you have employees you will be aware of how important it is to keep them happy. A timely and accurate payroll process is crucial to keeping employees happy. The inability to pay employees correctly is one sure way to ensure that your employees will “vote with their feet” sooner or later. Keeping staff turnover to a minimum will not only reduce recruitment costs but also help to retain business knowledge and experience.
Having systems in place
There should be a payroll system in place to ensure that employees are paid correctly and that the business is not losing money through inaccurate payments. Underpaying employees is one side of the equation. Over paying employees is a totally different scenario. Having to recoup overpayments from employees can be difficult or costly to say the least. There is definitely more to running a payroll than meets the eye. Attention to detail and expert knowledge of how to run an accurate payroll are not skills that can be acquired overnight.
A first class payroll
Treating your employees as if they deserve the best and providing an outstanding payroll service will definitely be noticed. Happy employees will always provide a better class of service compared to employees that are disgruntled for whatever reason. Happy staff attract and help to retain a good customer base.
The way forward
Regardless of the size of the business payroll is probably one of the most complex and critical issues that every business faces. The act of outsourcing reduces the opportunity of fraud from within the company. The problem of internal is an ongoing problem that a business faces if they decide to manage their payroll internally. Outsourcing seems to reduce and even eliminate these issues.
Choosing to use an external provider has many hidden benefits. First and foremost the major benefit is peace of mind knowing that your payroll is in expert hands. The second is the ongoing time that is continually saved because there is no need to oversee the preparation of payroll or to be hands on. Hence you will be free to focus on other aspects of the business.