At face value, it seems like a great idea.
If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid.
You feel that you can handle it yourself. You have the best intentions to keep your team paid right and on time. What could go wrong, right?
Well, lots actually. Below are the reasons why you should stop doing your own payroll.
It’s a time waster
If you don’t have a finance background, you’ll likely spend a substantial amount of time calculating your teams work hours, computing for taxes and other deductions, creating payslips, processing, and filing.
And even if you do have a bit of a background in bookkeeping, are you sure you want to spend your precious time doing these tasks instead of focusing on the core aspects of your business?
You don’t need to study the ins and outs
Australia has one of the most complicated industrial relations systems in the world! Sure, you can have a go and learn what you think you need to know, but how confident are you that everything is correct? How much time will you be spending educating yourself, not to mention the possibility of making costly mistakes?
A payroll specialist on the other hand knows the ins and outs of payroll, keeps up to date with continuing professional development and the numerous requirements and changes to regulations, and has the backing of industry associations for those more tricky payroll entries.
It may cost you more to do it yourself
One of the most common mistakes of small business owners is that they think they’re saving money by doing everything on their own. Remember, time is money– and as mentioned earlier, instead of dedicating your time doing tasks such as payroll, you can spend it more effectively on business activities that drive profits and growth.
Also, if you get your payroll wrong or you fail to do it on time, you could be stuck with hefty penalties. These can be avoided if you entrust a payroll specialist.
A Better Approach
As payroll experts, we can keep your team happy with timely and accurate payroll, maintain tax compliance, and ease your back office burden significantly.
So get in touch with us today and give yourself the peace of mind you deserve!
Get in touch
Would you like to know more about the reasons why you should stop doing your own payroll? Book your meeting with Sarah today!