Managing a business whether as a self-employed individual who employs people or as a company, requires a number of responsibilities, most of them being tied with strict deadlines. One of the crucial aspects of managing a business and is directly related to the employees is the monthly payroll processing which can be time consuming especially if there are a number of employees engaged. In this blog post we will explore some reasons why an employer should outsource payroll.
Having a large number of employees will consume a lot of time to process payroll especially if the HR or administration team is not large. When processing payroll, one needs to keep all records of salaries that were paid, calculate working hours, breaks, overtime, annual leave, notice periods, allowances, bonuses as well as deductions such as the Social Security Contributions and tax. Thus, outsourcing payroll will save time and offload workload. Time that would have been spent on such processing can be spent on something more valuable for the business.
If you are a self-employed individual who employs people and no one within the team understands laws linked to payroll, outsourcing payroll will make it easier to fully comply with payroll laws. Such compliance ensures that any penalties and fines will be avoided.
Apart from saving time, offloading work and being fully compliant, outsourcing payroll services means also cost-effectiveness. Rather than employing a full time person to process payroll, which in the end can result to being too expensive, outsourcing payroll will cut some of the expenses. This happens as hiring and training in-house personell expenses are eliminated. And what about the extra bonus that you’ll be sure that you’re hiring experts in the field?
If you would like to put your mind at rest and are ready to start exploring the option of outsourcing your payroll services, Fairwinds Management Limited is your go-to company. Fairwinds Management has years of experience in this field and not only can help established companies but it can also assist start-ups from scratch from simply applying for a PE (Permission to Employ) number up to issuing correctly payslips and handle all the necessary submissions of documentation related to payroll such as the FS5, to be submitted on a monthly basis, and the annual Statement of Earnings (FS3) and the Annual Reconciliation Statement (FS7). Further detailed information can be found on here: https://fairwindsmanagement.net/services/accountancy-services/payroll-services/. Our team is ready to assist you. Feel free to get in touch with us on firstname.lastname@example.org
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brands Accounting Services and Admin Genie. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or email@example.com.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.