At Meridian Accounting & Business Services, we can handle all our clients’ accounting, bookkeeping and business-advisory needs. This includes providing payroll services if and when required – basically, taking care of the paying of your employees (calculating pay and deductions, transferring money, filing taxes, etc.). There are number of benefits to payroll outsourcing, which we will outline in this blog entry.
Benefit #1: Guaranteed Accuracy
When your employee payment is handled by payroll experts, using the most-up-to-date methods and drawing on years of experience, you can rest easy knowing that the calculations will always be accurate. On top of this, the associated records will be clear and constantly kept complete.
Benefit #2: Saves You Time
Why try to handle payroll services “in house” on top of everything else you have to do? A firm such as Meridian will fulfil these duties more efficiently than you ever could, leaving you to free to concentrate on core business activities.
Benefit #3: Saves You Money
Thanks to the efficiency mentioned in the previous point, you’ll find it’s actually cheaper in the long run to utilise payroll outsourcing rather than trying to do it yourself or paying one or employees who don’t have the same expertise in this area.
Benefit #4: Ensures Tax Compliance
This is a big one! Payroll experts like Meridian will make sure the right amount of tax is paid at every step, preventing problems – and potential Tax Office fines – in the future. Needless to say, knowing this is the case makes the rest of your company’s tax planning much easier.
Benefit #5: Ensures Other Legal Compliance
Australian tax laws aren’t the only ones you have to worry about. For example, if your business has employees in other countries, you must be aware of the different labour laws in those places. Of course, if your payroll services are taken care of by specialists, you can leave the relevant research and ongoing compliance to them.
Benefit #6: Allows for Scalability
As the size of your operation changes, employee payment done in house might well become overly difficult. The same is definitely not true with payroll outsourcing, where the system is design to scale as required. It’s flexible in other ways, too.
Benefit #7: It’s Good Business Practice
What do we mean here? Well, for one thing, working with payroll experts is great in terms of a firm’s ongoing risk management, negating (or at least minimising) a number of risks related to employee payment. As companies grow and become more professional, seeking tried’n’trusted external payroll services is an inevitable positive development.
For Payroll Services and Much, Much More!
Contact Meridian Accounting & Business Services today! We’ve been providing clients across Central Queensland with first-class business- and finance-related services for more than 15 years. Our focus is on making the complex easy to understand, while delivering personally tailored support to help our customers achieve their financial goals. You can find contact info as well as an online enquiry form here.