Outsourcing Payroll – What is It and What are its benefits?

Before learning what outsourcing payroll is, first you need to know what outsourcing is. In this day and age, various businesses have been engaged in various outsourcing services because they find it more cost efficient and effective this way. What outsourcing means is that businesses form partnerships with suppliers and contractors. By working with contractors outside of the business, also referred to as outsourcing, it allows businesses to do more effectively and efficiently. With outsourcing payroll, it simply means that a business trusts an outside contractor or company to handle payroll processes for them.

Why outsourcing payroll?

While payroll processes is a necessity in every business, it doesn’t mean that every business are capable of handling it themselves. There are various factors that a company decides on outsourcing some processes in their business, which also includes payroll processes. It saves money and time, reducing the need for an in-house payroll staff, maintaining the proper software packages, purchasing and even staying compliant with the updated PAYE legislation. The cost effectiveness of outsourcing payroll entirely depends on the complexity of the payroll requirements of the business.

The service degree of outsourcing payroll varies. Some of the supplies provide the barebones service the others also get to deal with all those that are involved, including the one that liaises with the HRMC and at the same time maintaining in full compliance without having the main organization having to deal with the payroll processes.

Benefits of Outsourcing Payroll

First, it will free up a lot of your time from the time-consuming processes when you do the payroll processes yourself. It can free up the time for the staff to do such things and they get to focus more on activities that are more valuable to the company like with revenue-generation. One of the prominent magazines has published that the number one task among small businesses is outsourcing payroll, together with a lot of accounting tasks.

It also reduces the costs with processing payroll. The direct costs of it are quite high when you compare it with outsourcing. It may look impossible, but various research show that small business that has 10 employees spends around $2,600 annually with direct costs of labour linked with payroll. Some would even say that hiring a part time bookkeeper would still cost more, so they prefer outsourcing payroll services.

Businesses also get to avoid the IRS penalties. According with IRS, around 40 percent of the small business pays the average penalty of $845 annually due to incorrect or late payments and filings. Most national services I payroll provide the tax guarantee, which ensures customers will not incur penalties since the providers are taking responsibility for the penalties when it does happen. In a lot of instances, the cost-saving part of outsourcing payroll justifies it all.

It also alleviate pain, too. Payroll done manually can be stressful and a pain to do. In the best case that is what you will only receive, but nightmare can be your gift when it is the worst. Business owners that outsource their payroll eliminate those stressful hours.

Is it okay to Outsource Content Writing of Your Business?

Content writing is not an easy task, but it is crucial for every marketing success as this would be your weapon to compete with your competitors. The higher quality of content you can write and blog, the more likely you will become authority in your chosen niche or topic. Now the question is – is it a good idea to outsource this to someone else or just do it in-house?

The answer to this difficult question really depends on lot of factors, first is the topic or industry. There are certain industries/topics that are very technical and really hard to understand such as lawyers, insurance, debts, credit card, finance, banking, mortgage and so on, just to mention a few. My point is if you are the business owner, you understand these and for sure you can write a comprehensive article in just few hours of typing, because this is your specialty. But what about your newly hired content writer who only knows how to write limited topics that are not hard to understand, of course he or she will have to understand the topic first before he could write a great masterpiece.

Now there you will see the second problem which is, not all business owners have the time to write for their own website content because they are busy with other important priorities to run the business smoothly, that’s where they decide to hire in house content writer or just outsource this to some sort of content writing agencies or services online, but again don’t expect that the quality of the articles they will write will be superb like what kind of material that you can produce.

It is really a difficult decision to make, but then again, it’s just a matter of priorities. Lucky, you are if you can hire a guy that can write difficult topics such as what I’ve mentioned above, but of course he/she will need to understand the whole topic before he can write a good quality article.

Let me know your thoughts about this one by commenting down below. Do you write your own content, hire in house writer, or just toss it to a freelance writer?

Virtual Assistant at Your Service

Business owners can get too excited and overwhelmed in managing the business on their own. It’s a must that they should exert effort in the business with ‘personal touch’ or in layman’s term, being a hands-on entrepreneur should always be the game. But with today’s business modernisation just like Outsourcing and Offshoring, there’s no need to go on juggling different areas of your business. Acquiring a Virtual Assistant will aid and help you to become more efficient as they can get tasks accomplished remotely. Virtual Assistants work and function from an offshore office. Basically, they communicate with their managers and clients through the internet. Hiring a virtual assistant frees up your time, decreases costs and reduces stress. There’s no need to be mindful of logistics, tax issues and benefits, as a third party can very well handle it for you. Business newbies have not taken advantage of offshoring because they think it’s a huge venture that they find it overwhelming plus they are a bit unaware about what responsibilities to delegate.

These are the most common administrative tasks that a virtual assistant can help you with:

Online Planner

Schedule and email management fall in this item. You can have your virtual assistant handle your online calendar. Virtual assistants can arrange appointments with your clients, keep them warm by giving them reminders and follow-ups, and even book flight schedule and hotel reservations. Checking of e-mails takes up most of your time especially in the morning. It’s usually what we do first when we get to work to keep us updated. E-mail accounts receive unimportant mails and could really pile up your mailbox. Ignoring them over time due to your hectic schedule can result to hassle whenever you have the chance of opening your e-mails to check it. It’s just a small thing but can be too much of an interruption once neglected and may affect your productivity. Therefore, a virtual assistant can screen and scan your e-mails, so you can answer to the most important ones immediately; those e-mails that need to be urgently responded and prioritised. You may also have your virtual assistant reply to customer service e-mails, invitations and the likes.

Social Media Manager and Researcher

We all know that the new media or social media is the fastest, efficient, most reachable and easiest source of information that we are enjoying in the present time and could be very beneficial for us in the coming generations. It is indeed significant to establish social media presence for your business – to be known in the industry. It’s an easy task but on the other hand, it can also be very time consuming. Virtual assistant can assist you in set-up and regularly update your social media accounts on your behalf. A skill in writing is a plus factor and with that, you can get them to handle your business’ blogs. Articles and blogs that may showcase your services and may serve a good publicity for you and your company. They can also do numerous research projects for you. Being in the know and keeping up with the industry is being well-maintained. Your virtual assistant can provide you fresher ideas and continuous studies on how to improve the business. Your company will never be left out of the newest trends in the biz as learning is a never-ending process. You are the boss and it will be surely amazing if you have a skilled, highly expert remote assistant to do it for you.

Data Entry and Transcription

Our ancestors left markings all over the world that is very beneficial to the human kind up to this day. We have discovered artefacts and writings over the centuries and those writings have a massive contribution to where and what we are now. (Thanks to them!) And not to sound too geeky about it, I believe I was able to establish how essential writings and information for us. In today’s digital world, where everyone is on the go and everything is fast-paced, it is also and always important not to neglect things that need to be properly documented. Your virtual assistant can do transcription of your digital files; it could be the minutes of the meeting, agendas, interviews and reports. You are sure and confident that you will have more accurate and efficient output. It will be in black and white therefore, it will be easier to pull out whenever you need it.