This archive report was first published on 22 November 2019.
Managing payroll can be a daunting task for small to medium-sized enterprises (SMEs), requiring ongoing attention and additional internal resources. According to Sandra Crous, managing director of PaySpace, a provider of cloud-based payroll software in South Africa, outsourcing payroll can be a game-changer for SMEs.
Published on November 22, 2019, Crous emphasizes that payroll is a non-core, non-profitable function that can be managed more efficiently by outsourcing it. This approach allows companies to access the necessary resources, know-how, and latest technology without having to invest in additional headcount.
By outsourcing payroll, SMEs can free up resources to focus on their core business activities, gain access to the latest technologies and expertise, and lower their risk of non-compliance. Crous notes that payroll administrators need to be up to date with local labour laws, manage pro-rata payments and bonuses, and ensure that the payroll is processed on time.
Today's employees also expect technology to make their lives easier, and self-service access to payroll data is becoming increasingly important. Outsourcing payroll can help businesses deliver a good experience to their employees, which is essential for retaining talent and staying competitive.
Furthermore, outsourcing payroll can help businesses lower costs and reduce risks. In an increasingly stringent regulatory environment, businesses need to comply with a slew of rules and regulations to remain compliant. Outsourcing providers take on and manage this risk for the business, ensuring that all declarations are completed, compiled, and declared in time.
Ultimately, outsourcing payroll can simplify life for business owners, reduce risks, and provide access to the latest technologies and expertise. As Payroll specialists, PaySpace guides businesses through all the compliance requirements with a simple process that fits their needs.
