Every small business owner will no doubt have a “business growth” vision. Of course, this would include hiring employees which will allow the business owner to spend more time focusing on business strategies and long-term growth.
Naturally, running a small business is a complicated affair. Besides strategising for business growth, the business owner is also responsible for overlooking finances and accounting. It comes with no surprise that most small businesses would cite bookkeeping as one of the major issues within the business.
While outsourcing accounts and payroll might be a costly option in the short run, it might actually make better sense for start-ups. As the main focus within the business tend to be on critical tasks such as marketing and production, other equally important business matters the likes of payroll and accounting might be neglected. Outsourcing these functions frees up more time for the business owner to focus his or her efforts on core operations.
With the plethora of payroll services out in the market, small businesses can easily engage a payroll vendor that offers both payroll and accounting services. This includes basic services such as payroll calculation, tax calculations and generating direct deposits to employees’ bank accounts. Some payroll vendors even throw in perks such as attendance tracking or mobile apps for employees to view their pay advice.
In addition to the basic payroll services and perks, relying on these external vendors also comes with an added benefit – that is, immediate expertise in payroll and accounting. This external expertise is certainly not available should small businesses decide to have an in-house payroll team.
Moreover, given the rapid advancements in technology these days, cyber crimes are also on the rise. Each time a business owner hires a new employees, there are likely to be issues gained that even business owners themselves are not aware of. This includes fraudulent activities internally as well as externally. Engaging a payroll vendor typically comes with added encryption and security protocols in place. This tend helps small businesses tackle compliance issues as well.
Outsourcing payroll will no doubt add intangible value to any small business and aid in cash management as well. Likewise, it can also make a small business look like a large company. Investors and buyers are constantly looking to acquire companies with policies and procedures in place. Having a proper cash management system in place, such as a payroll service, will no doubt be a huge draw for investors as well as talents.
Simply put, there is no better time for small businesses to invest in proper payroll infrastructure than now. Existing employees have to juggle between a variety of tasks while a business owner has to implement company strategies to ensure that the business moves in the right direction towards growth. Payroll is one important aspect of running a small business and it is certainly one aspect that should not be comprised. Essentially, paying for help will certainly reap more benefits for a business owner in the long run.
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Based in Singapore, i-Admin offers world-class, easy-to-use payroll solutions using technology and systems infrastructure that exceed industry standards. Our proprietary technology platform provides a singular web-based service that delivers electronic payslips and other e-Services to our clients. We offer payroll services to companies of all types and industries across 15 countries in Asia.
As a leading regional provider of cloud-based SaaS payroll and HR management solutions, we achieve uncompromised efficiency, security and service quality to our clients’ organisations and employees, further helping our clients’ to save on large financial technological investments.