At face value, it seems like a great idea.
If you are a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid.
You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right?
Well, lots actually. Below are the reasons why you should stop doing your own payroll.
It is a time waster
If you do not have a finance background, you will likely spend a substantial amount of time calculating employees’ work hours, computing for taxes and other deductions, creating payslips, processing, and filing.
And even if you do have a bit of a background in bookkeeping, are you sure you want to spend your precious time doing these tasks instead of focusing on the core aspects of your business?
You do not need to study the ins and outs
Sure, you can learn about relevant tax adjustments and benefits procedures if you want to. But then again, you would be spending more time educating yourself, not to mention the possibility of making costly mistakes. Unlike hiring payroll professional who knows the work around of payroll.
A payroll specialist, on the other hand, knows the ins and outs of taxes, overtimes, contributions, sales commissions, and bonuses. The bottom line is another professional can do it better, and while they are at it, you can get back to doing what you do best– like growing your business!
It may cost you more to do it yourself
One of the most common mistakes of small business owners is that they think they are saving money by doing everything on their own. Remember, time is money– and as mentioned earlier, instead of dedicating your time doing tasks such as payroll, you can spend it more efficiently on business activities that drive profits and growth.
Also, if you get your payroll wrong or you fail to do it on time, you can get penalties which are not fun. These are also avoidable if you entrust a payroll specialist.
A Better Approach
If you think hiring a full-time in-house payroll staff is not practical, you can always come to us and let us take care of your payroll. Whether you need weekly, fortnightly, or monthly processing, our team is flexible enough to do it for you.
As payroll experts and tax accountants, we can keep your employees happy with timely and accurate wages, maintain tax compliance, and ease your back-office burden significantly.
About Mizael Partners
Aside from bookkeeping services, Mizael Partners are also tax accountants, auditors and experts in providing accounting, tax and audit services. Mizael Partners is an accounting business located in Ringwood – Eastern suburb Melbourne – which can help your business with assurance, audit, forensic accounting, SMSF audit, trust account audit and accounting support.
Mizael Partners provide Accounting, Audit and Bookkeeping services in the following suburbs:
Ringwood, Ringwood East, Ringwood North, Croydon, Croydon South, Mitcham, Nunawading, Donvale, Doncaster, Doncaster East, Melbourne, Melbourne CBD, Kilsyth, Glen Waverly, Wantirna, Wantirna South, Clayton, Chadstone, Box Hill, Malvern East, Dandenong, Springvale, Blackburn, Blackburn South, Blackburn North, Burwood, Burwood East, Vermont South, Ashwood, Bayswater, Bentleigh, Mitcham, Forest Hill, Templestowe, Bulleen, Balwyn, Balwyn North, Surrey Hills, Hawthorn, Canterbury, Glen Iris, Oakleigh