“After reading the salary, I’ve decided that I must refuse. The reason I have to refuse a salary like that is I would be able to do what I’ve always wanted to do- -get a wonderful mistress, put her up in an apartment, buy her nice things.. . With the salary you have offered, I could actually do that, and I know what would happen to me. I’d worry about her, what she’s doing; I’d get into arguments when I come home, and so on. All this bother would make me uncomfortable and unhappy. I wouldn’t be able to do physics well, and it would be a big mess! What I’ve always wanted to do would be bad for me, so I’ve decided that I can’t accept your offer.”
We all wait for month end for our salary. What if there is some problem in the processing of payroll? What if it gets delayed? What if you get less than what you earned?
Payroll processing is a hectic task. Any problem caused in the processing can lead to dissatisfaction amongst the employees.
The steps involved in payroll processing are complex. Some of them include:
Filling up government forms.
Health and pension contribution management for employees.
Submitting employee taxes.
In case your accountant does this job, here is his side of story.
Here is a list of problems an accountant faces while dealing with payroll:
Accountants are not payroll experts
Most of the accountants aren’t payroll experts. Assuming them to be a jack of all trade does no good. There are a number of payroll outsourcing companies that can help you with this task. We recommend that you hire them and not put the load on your own employees.
Payroll is a time consuming task
Payroll processing consumes a lot of time. Employing your own staff for the same isn’t beneficial to your business since it is an additional burden.
They may be expensive
If you are asking the accountant to do the job of payroll processing, he may actually be charging you a lot more than a professional service would charge. Do a good research and find yourself an affordable professional service which will take care of all the needs and d
Now that you are aware of the drawbacks of making your own staff do the payroll processing, let’s talk about an alternate which is to outsource it.
So why should you outsource the payroll?
For a number of reasons:
It saves money and time
Also, it helps your staff focus on other important aspects of the business.
A professional service is more reliable
A payroll outsourcing company knows all the rules and stays updated. It is safe to say that they are more reliable because of their experience and expertise.
While the above story may not be true for all business organisations, it is necessary to understand the role of payroll outsourcing companies and the various benefits that they offer. Your payroll department may be doing well and in such cases you may not need to avail a professional service. But if the above story sounds familiar, maybe it is time to go for one. Happy outsourcing!