Growing your business? Don’t make an outsourcing payroll decision you will regret.
It’s no secret payroll funding can help your business grow, fast. However, optimising your back office and payroll functions will ensure the process runs smoothly and will help your business thrive. Before you sign up with a provider that will help solve your back office needs, Darren Cottrell – APositive BDM, suggests you consider these five outsourcing payroll points;
Obviously cost is a big factor. However, if you’re currently managing the payroll and back office processes yourself, you should calculate the amount of time (and therefore money) you spend doing so. For example, don’t just consider how long it takes you to run the payroll, you need to also include the associated administration such as:
• Chasing up timesheets (we all know this can be a time drainer);
• Answering pay queries;
• Processing superannuation contributions;
• And the list goes on.
These days, payroll and back office system integrations are readily available, and you should be making the most of this to help stream line your operations. It’s about freeing you up to focus on what’s important – growing your business. Many outsourced providers can facilitate integrations between your Client Relationship Manager (CRM) and your accounting software, whether it’s XERO, MYOB, Quickbooks etc. These types of integrations can save you significant time and money. After all, business success comes when you have efficient, reliable and simple processes in place.
Brand awareness is an important part of growing your business. So, be sure that your outsourced provider promotes your brand. Any supplier should facilitate a fully branded solution to help your brand and business grow.
From time-to-time you may require flexibility. For example, your clients may request different pay and invoicing cycles. So, before you sign on the dotted line, find out if your potential payroll or back office provider offers a flexible service agreement.
It is important to know if your potential provider has a good reputation, extensive experience in your space and processes in place to ensure your data is kept confidential.