Have your accounts management chores started getting on your nerves already?
Is it hindering productivity? And is it taking up too much of your headspace?
This may be time to rethink how you manage your company’s payroll functions. And as you do that, you must go through these 7 signs that indicate the dire need for you to opt for an outsourced payroll service.
1. A Big Part of Your Time is Going into Managing Accounts
Time for a reality check.
If you’d been waiting for someone else to say it for you, this is the time.
Yes, you don’t have to dedicate half of your work hours helping the accounts department.
Yes, there’s a way out!
Yes, outsourcing your payroll to an experienced company is a good idea.
So, don’t hesitate. Open a new tab in your browser and get in touch with a qualified payroll service company today. You will feel relieved.
2. Your Employees’ Salaries Usually Reach Them Late
Talk of employee satisfaction and no employee (We mean it. No employee.) in the world likes it when their pay-out is delayed.
This can cause serious dissatisfaction among your staff. Plus, it can lower the overall loyalty quotient, which will ultimately affect your organization adversely.
And sadly, many times managing accounts gets so tricky that the salaries do get delayed.
Want a simple fix to this? Payroll outsourcing services can save days, months and years for you.
3. Your Organization is On a Roll
Have you been making enormous profits in your business? Wow! Congratulations on that!
But are you not going to upgrade your arsenal as your business grows?
If you want to excel in your niche, you must channelise all your company’s efforts towards expanding your business. And managing accounts for no reason does not count as “channelling your company’s efforts towards expanding your business”.
So, think about it. And make a wise choice. If you feel that accounting chores are holding you back, offload yourself and move faster towards your business goals.
4. You Aren’t Able to Help Employee Fraud
Believe it or not, we all know how some employees are smart+loyal and how some of them are just smart.
In a number of cases, employees manage to slyly get away with frauds of various kinds. No wonder, a 2016 CFE study reported its participants of the $150 million loss that they had to deal with, just for the employee fraud.
Well, it is. And so you must be alarmed and aware. Don’t let this happen to your organization.
Get in touch with a payroll outsourcing company today, and they’ll take care of your company’s payout schemes like their own.
5. Everything Else Is In Place, But Accounts Aren’t
Another significant sign indicating the need for outsourcing your company’s payroll: all or most of the other business functions are going good, except for accounts.
Although, this can be for a number of reasons, if it feels like hard work that’ll reap no good, don’t toil yourself over it.
Payroll services are there for handling this one job only. They know it best and can do it best. So, feel free and rid yourself off from all these accounting hassles.
6. Your Teams Are Having To Work Extra Hours
Doing more with less can never be a solution to your business problems. As your accounting workload adds up and starts running out of hand, it’ll be better for you to rethink your companies accounts management strategies.
Start off by asking yourself these questions.
- Do your employees have to work extra hours?
- Are they happy about it?
- Does it seem like you need a new team or more employees for managing accounts?
- Are you ready to take care of the new team that you are planning?
If Yes-No-Yes-No were your respective answers to the above questions, it’s time for you to reach out and free yourself from the burden of managing accounts.
7. Compliance Training is Taking a Lot of Time and Effort
One thing that we can’t forget while managing an accounts team — compliance training.
It’s a fact that your accounts managing team has to be aware of and follow a set of specific rules and accounting laws. So, if you choose to have an in-house accounting team, you’ll have to provide them with compliance training.
This can take up a lot of your time and efforts. While if you outsource your company’s payroll, the company managing your accounts will itself take care of all these chores.
Hiring a payroll service is something that both startup and old business owners start considering at some point in time. And while many of us hesitate in the starting, it’s harmless and 100% useful.
If you’ve also been considering hiring such a service, we hope this post helped you catch the right signs.