As any business knows, processing the payroll is a time-consuming function that is operationally important as it ensures you reward and retain employees and maintain compliant with SARS’s statutory requirements. Despite the important role payroll plays internally within a company, the payroll process is one of those business necessities that does very little to help your business differentiate itself from the competition. In today’s highly competitive business environment where differentiation is essential, more and more businesses are realising that it makes financial and operational sense to outsource their payroll to an expert service provider:
The growing complexity of South Africa’s labour law and tax regulations mean that maintaining a payroll that is accurate and compliant with the latest tax laws is becoming an administrative challenge for many businesses. By outsourcing their payroll to an expert service provider, a business can be sure their payroll is accurate and compliant with the very latest laws.
Handling your payroll in-house requires a great deal of time and attention to detail – especially as your business and staff grows. Outsourcing your payroll immediately frees up that time and allows your staff to make better use of their time by focussing on more strategic work.
With 2018 being earmarked as the year that the Personal Protection of Information Act will come into effect, it is becoming increasingly important that business tighten up their processes to protect all personal information. The payroll is an area in the company where a lot of this information resides. If your payroll is outsourced to a specialist vendor you can ensure your data is stored on highly secure servers that use the latest encryption technology.
Outsourcing your payroll can help you immediately reduce your overheads. If you are maintaining a large team to deal with your payroll, outsourcing will enable you to either reduce your staff size or make better use of their time. Outsourcing also ensures you no longer have to keep training your staff to stay up-to-date with the latest legislation. Add these savings to the internal costs of printing and distributing payslips, creating tax documents, maintaining payroll software licenses, generating payroll reports and processing direct deposit payments and it becomes clear how removing these overheads makes financial sense.
At GGD, one of our core values is helping our clients run their businesses with greater efficiency and profitability. Our leading, scalable payroll solutions are designed to reduce the administrative and financial burdens that maintaining your payroll in-house places on your business. In addition, our flexible services mean they can be tailored to your business’s unique needs. For more information about how we can assist you with outsourcing your payroll, contact us today.