Working through the payroll each week can be a time-consuming, tedious and often stressful task. If youâ€™ve got small business customers who are becoming increasingly frazzled having to deal with it each week, it could be time to talk to them about the benefits of paying someone else to do it.
Many business owners feel that itâ€™s a waste of money to outsource a task that they think they should be doing themselves. But depending on how fast a business is growing and how much time is being spent on payroll, a business owner could be actually losing money in the long run. The more time they spend on it, the less time theyâ€™re spending growing the business and generating profits.
Not to mention the stress factor, since payrollâ€™s an easy task to get wrong, and if mistakes are made, the consequences can be severe.
Outsourcing means a business owner can:
A payroll contractor will not only handle all aspects of a business payroll, but provide up-to-date reports and anytime access to payroll information.
Of course, itâ€™s important to find the right person to take on these sensitive tasks. They involve a businessâ€™s finances, so whomever is hired needs to be trustworthy â€“ the last thing a business owner needs to be worrying about is confidentiality and security. Word-of-mouth is a great way to find someone who comes highly recommended.
Another great reason for outsourcing is to obtain better financial advice and reporting. The right advice at the right time could end up saving a business owner money over the long term.
Here at TSBC, weâ€™ve got plenty of content around the benefits of outsourcing payroll and other administration tasks. Get in touch with us so we can help boost your online content.
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.