The small and medium enterprise (SME) space is highly competitive, so every rupee and every man-hour spent is crucial. Focusing on core competencies is vital in running a lean, effective organization and it makes sound business sense for an SME to outsource a process like outsourcing. Let’s look at a few of the major reasons SMEs are choosing to turn to payroll services:
- Focus on building your business: Payroll management is a complex and time-consuming affair. You want your staff to focus on activities that generate value and drive profitability; outsourcing the process frees them to do this.
- Save money: A payroll service provider with a well-established business can afford to charge you a rate that works out to less than it would cost to hire skilled personnel in-house or part-time to do the same work.
- Avoid penalties: There are many legal requirements and nuances pertaining to payrolls; an outsourced payroll service takes on the burden of ensuring that you comply with all these requirements, potentially saving you a lot of time and worry.
- Reduce stress: Manually managing your own payroll may work with a workforce of less than 5 people, but for any organization larger than that, all the details involved in maintaining a payroll, making payments, filing returns and so on month after month can add up to a hefty serving of stress. Stress that a payroll service can take off your plate.
- Simplify your IT infrastructure: If you’re handling your payroll in-house, you face the recurring question of whether you have the latest payroll software and tax sheets installed. Outsourcing to a dedicated payroll partner ensures that these technical issues are addressed automatically without your direct involvement.
- Rely on the experts: A company that offers payroll services brings to the table a great deal of experience and knowledge in this domain. Previously, only large enterprises could afford to hire personnel with this kind of expertise; an outsourced partner gives you access to this level of expertise without the expense of hiring a highly skilled resource.
- Expertise you can depend on: Even if you do hire a skilled bookkeeper, the chances are that he or she will move on at some point, taking all that skill, knowledge and experience. Outsourcing eliminates your dependence on individual skills and knowledge.
Alp Consulting enables SMEs to focus on their own business, secure in the knowledge that their payroll process is in the hand of a skilled, dependable partner. To find out how we can power your business with our services just drop us a line!