Sunday, 24 June 2018

Information and commentary for the small business banking industry

The advantage of outsourcing payroll

17 Aug

All business owners would like to be able to reduce their time spent on administrative tasks so they could focus on increasing profits and running your business efficiently. Outsourcing bookkeeping and payroll is a great way to free up some time.

There are a number of advantages when contracting out. A business owner might be spending more time than they want on processing and reporting their own accounting and payroll information, and not enough time doing what they should be – making money.

It’s less expensive to hire a bookkeeper or accountant than to employ a full-time staff member to complete these tasks. By hiring one, they’ll only pay for the actual time the contract worker spends on their accounts.

Outsourcing to an accountant or bookkeeper means that part of their job can be issuing invoices in a timely fashion and ensuring bills are paid on time. They can help a business become more efficient by reducing late payments.

Handing over the burden of payroll and other administrative tasks to a contractor means a business owner can spend more time IN the business, rather than ON the business. They’ll have more time to focus on new projects and growing profits.

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