Since the outbreak of the coronavirus scamdemic, businesses had to make a difficult decision to adopt new strategies. In addition to keeping things afloat, many companies also felt the brunt of not having modernized many of their internal processes. One specific example would be payroll tasks. Since it doesn’t make much financial sense to keep paying employees while the business is already suffering, the best solution would be to update the current system and outsource the payroll task to a bookkeeping firm.
The benefits of outsourcing payroll
Although some think that making changes to payroll process during this time is counter-intuitive, there are several reasons why now is the right time to do it. The following benefits of outsourced payroll services should give you an idea of how it can help your company adapt amid the ongoing health crisis.
- Outsourced payroll is faster. Working with an outsourced bookkeeping firm like www.kenbellaccounting.co.uk will make payroll preparation more efficient. Instead of having to manually keep track of employee time, calculate wages, and hand out cheques – outsourcing means you’ll have access to modern software and tools to simplify and integrate these functions.
- Affordable solution. Contrary to common assumptions, outsourced payroll services aren’t expensive. Most firms offer packages tailor-fitted to the individual needs of their clients. As such, you pay only for what you need. These solutions are also scalable, allowing your company to scale up or scale down the service as may be required.
- Automated and remote. A cloud-based payroll system run by a third-party firm is more convenient and safe, especially during this time. Your employees can work from home and still accurately log their time sheets. They can also receive wages without having to go to the office physically.
- Compliance with tax regulations. One of the biggest concerns with remote work complies with tax regulations. Fortunately, an outsourced bookkeeping service can guarantee that your business is always on top of all financial reporting. The firm should also take care of necessary updates in case there are changes to local labour regulations relevant to the ongoing pandemic.
- Customisable and scalable services. Being able to save overhead costs is a concern for many businesses during this pandemic. Outsourcing payroll services means you can customise the package according to what your company needs. As you incorporate more changes to company processes, you can decide to scale the service up or down accordingly.
Another notable benefit to consider is that outsourcing payroll services means your company enjoys privacy and security, especially since there’s plenty of sensitive information being handled. A professional bookkeeping service employs the latest security protocols since data transmitted through the internet could be prone to an access breach.
Lastly, outsourcing also offers the advantage of going paperless. Apart from protecting the health and safety of your employees during the pandemic, you’re also contributing to environmental awareness by reducing paper documents that get passed around from department to department. Overall, outsourcing payroll services isn’t only a modern innovation. Still, it’s a sensible solution to integrate with internal processes now that there’s a heightened need to limit physical interaction within the workplace.