Managing administrative and non-core functions, for example payroll, does not differentiate you from the competition. Quite the opposite, it diverts resources and attention from growing the business to the tedious and time-consuming intricacies of understanding and implementing complex payroll calculation rules, filing tax forms, interpreting local labor laws, setting up local bank accounts and staying on top of other mind-boggling details that are involved in day-to-day payroll administration. Despite all of this, there are still businesses that question whether payroll outsourcing really pays off. It does!
Payroll outsourcing does not only generate savings from eliminating investments into expensive local payroll software solutions or reducing payroll administration staff, but it also ensures that your business stays compliant with complex and ever-changing statutory regulations. This means less money spent on fines, late payment penalties and settling labor disputes. While your lawyers and auditors will not be happy about the forgone fees, payroll outsourcing gives you the peace of mind and confidence needed for pursuing new business opportunities and growing your profitability.
Following the legislation in the Middle East is even more challenging than in the rest of the world. The rules and regulations are not always available on the internet or in English, they are vague and leave room for interpretation, updates are published through local newspapers, local authorities do not often respond to phone calls and emails, and the list goes on. This is when you need a local payroll specialist on your side to guide you and ensure that all filings and payments are completed fully and on time.
Couldn’t your in-house payroll team do the same? Yes, but have you ever added up the costs related their recruitment, salaries, training? What if they fall ill or quit? What about your time and sleepless nights worrying about angry employees who have not been paid on time or tax authorities knocking on your doors? Wouldn’t your business be much better off if you used these resources on developing the business, talking to the potential customers or simply paying bonuses to your top sales people?
Payroll is not only about calculations and statutory filings. It also involves handling a lot of sensitive, personal data about your company and its employees. Payroll outsourcing companies use cutting-edge software for generating correct payroll calculations, while keeping your sensitive data secure. Such software does not come cheap. Outsourcing payroll provides you access to the most innovative payroll software and eliminates the need to buy expensive licenses and servers.
Today’s rapidly developing business-world needs companies to work more and more efficiently to survive and grow. Outsourcing non-core functions, including payroll, is definitely one step closer to an effective and more profitable business. Payroll outsourcing providers have the competence, experience and payroll software just for your needs and can guarantee accurate and timely payments your employees and tax authorities.