People say that business cards are no longer relevant. I say, no!

When I left my full time job three and a half years ago, on the first morning I sat down and thought to myself, what shall I do today? Well, I did what you always do when you have nothing to do, I tidied my study, soon to be office. As I carried on, I stumbled upon a batch of business cards I collected over (almost) 5 years I met different people during my time of employment at an earlier company. It hit me, these people are all part of my gateway to new business. I started e-mailing each and every one of them, explaining that I now fly solo and that, to be frank, I need business. Little did I know…

Within 2 hours, I had three meetings setup and within a week from that day, my diary was booked for 6 months. I can therefore safely say, I had several people whom believed in me at a time I had really only my previous knowledge to offer.

For that, I will be forever grateful.

My business card folder is my prized business possession, growing in stature monthly.

Please share if you agree.

5 Clear Signs Your Business Needs to Outsource Payroll

Payroll technology solutions and payroll outsourcing has experienced a lot of change and development in the modern business environment. With the increasing complexity of tax regulation and the ramping up of competitive intensity in many industries, you may be wondering if payroll outsourcing could benefit your company.

Have a look at the below factors and questions that influence many business owners in their decision to outsource their financial functions. If these apply to you, you may want to investigate a solution for your organisation.

1. Your Business is Growing

Companies experiencing growth tend to be in state of flux. It can come with as many threats as it does opportunities. You’re hiring new employees, you’re outsourcing some new operational needs that have arisen (example: logistics or manufacturing) or your cash flow has gone up in scale.

But how long-term is this growth? Can your existing financial staff handle this increased work load? How will your decisions during growth-periods affect your business in the long-term?

Financial outsourcing can quickly address activity spikes and bring the required expertise for a more complex payroll system, immediately.

2. You’re Spending More Time on Payroll than Other Activities

Payroll is primarily a month-end activity, with large spikes in activity at the end of the quarter and the end of the financial year. For these periods, workloads increase dramatically and the owner often has to hire temps and personally administer a lot of the process, to ensure overall accuracy and that things are on schedule.

If you focus more on making sure your business is compliant than actually growing your business, it can cause it to stagnate. Financial outsourcing removes most of the time vital payroll employees are committing to it, freeing up resources.

3. Payroll Costs are Dominating your Expenses

Payroll is a heavy cost to most organisations. However, when you have a low number (<20) or a high number (>100) of employees, payroll costs a disproportionate amount compared to the financial benefits.

A financial outsourcing solution stabilises your payroll costs and their scale of operation typically negates the financial risks of overseeing payroll for a large workforce. Additionally, they will help you setup controls and financial data collection systems, in your organisation that even make the financial operations on your side easier, throughout the year.

4. You Have Noticeable Employee Turnover

When an organisation has staff joining and leaving frequently, such as: frontline staff in call centres, foodservice companies, consultants or retail staff, it can make payroll more complex and clerically intensive.

Even worse, if the person in charge- or contributing importantly- to payroll leaves, they leave with all the expertise and knowledge of your organisation’s processes and their applications. Payroll outsourcing keeps your expertise secured, ensures continuity during change and allows for more comprehensive historic data analysis.

5. Tax Compliance is Becoming a Greater Concern

Regulatory compliance costs businesses thousands annually. These costs aren’t just from the careful administration required to ensure compliance, but also tax penalisations and tax benefits oversights, made by payroll staff.

As technology and data intercommunication becomes more advanced with time
(mobile technology, database software, financial report compiling algorithms), payroll outsourcing’s integration with your organisation becomes more comprehensive. And so their ability to provide a more effective, cost-efficient full-service becomes more fully-realised.