I’m sure there are businesses that have considered outsourcing the laborious task of completing payroll for the employees of their business.
It can be a time consuming and highly pressured process. Nobody wants to underpay or overpay an employee and then incur their wrath at a later date. Therefore outsourcing can be a great way to manage that all important payroll. It can be a way to alleviate pressured employees from completing tasks that are not business centric, and get them focused on tasks that earn the business money.
So in that vein, we have compiled an informative and useful FAQs and misconceptions guide related to business payroll on the Approved Index website.
View the full article here Business Payroll:FAQS and Common Misconceptions or read my brief summation of the key points identified in the article.
1 – Payroll companies take care of all pay related matters Payroll service providers not only take care of paying your employees the correct amount and on time, they also handle all the other outside elements of payroll from taxes, insurance, employee benefits, as well as the distribution of payslips and P45s. Using an outsourced payroll company, ensures that they will take care of everything for you.
2 – Business payroll can all be done online Another positive reason why you should outsource your business payroll, it can all be systematically filed, maintained and updated online. Giving you the opportunity to check your payroll online 24 hours a day, 7 days a week. Convenient and easy to use, what more could a business ask for?
3 – Business payroll is only suitable for businesses with 5 or more employees It would not be cost effective for the business owner or the payroll providers to handle payroll for less than five employees. If you want to outsource your business payroll then you do need to have a larger employee footprint, a minimum of 5 employees is the usual requirement.
So that’s my wrap up of the points in the article I found useful. If you have any comments or suggestions for other FAQs then add your comments below. I enjoy a good debate.