Why Payroll is One Job You Should Outsource
Every successful entrepreneur will agree that there is nothing better than watching their business mature. But the bigger a business grows, the more salaries there are to pay.
Sadly, with today’s decline in economic growth, political uncertainty, ongoing load shedding, and an increase in petrol, food, inflation and interest rates – starting a new business can prove to be quite stressful. It’s not easy to fork out big salaries, including pension and medical aid, especially when you are running on a tight budget.
Recent statistics have shown that up to 80% of small businesses fail each year, with poor financial management and non-compliance as the leading causes. This begs the question: can you really afford to hire a permanent payroll administrator? There are many invaluable reasons why businesses outsource their payroll services, and if you are a start-up on the fence about outsourcing, take the following five reasons why it will be in your best interest to outsource payroll:
- Access to the expertise of professionals who uses only the newest technology.
- Compliance with government regulations.
- Enhanced data security.
- Overhead costs are reduced.
- You get to focus more on your core business.
As a business owner, you should be focusing your attention on sales growth, which is why payroll services offer an extremely valuable and cost-effective alternative to in-house processing. By placing your payroll processes into the hands of a highly skilled consultant who has a thorough knowledge of best practices, you will be able to make all your financial decisions with precision and perspective.
Chosen correctly, the right consultants can help you achieve a less expensive way of paying your employees, as well as assisting you with income tax, pension contributions, medical aid, UIF, and various other compliant regulations. Additionally, your job as a start-up entrepreneur will become hassle-free, and a lot more productive.
The CHA Group will Ensure That Your Payroll is 100% Correct and Compliant
Your business is one of the greatest investments you have, and in today’s cut-throat, competitive environment, you need to protect your investment. Proud to be a Human Resources and Financial Consulting Company with more than 50 years experience in HR & IR Consulting, Debt Counselling, and Labour Broking and Payroll, the team at CHA Group knows exactly what it takes to keep a business running smoothly.
When you outsource your payroll processes with us, you gain a reliable and efficient expert in complex administrative processes, such as Compliance, Income Tax, Fringe Benefits, Pension Contributions, Medical Aid, UIF, and numerous other financial services. To learn more, talk to one of our consultants today. We can help you grow your business and achieve financial success.