When it comes to outsourcing payroll, there is no one-size-fits-all answer. The best time to start looking for an outsourcing partner will depend on the specific needs of your business. However, there are a few general standards that can help you decide when it’s time to start looking for outsourcing a payroll partner.

Here are some indications for when businesses start looking for payroll support:

• Struggling to keep up with your to-do-list

As a small business start-up, owners often end up in the so-called “owner’s trap” where they are constantly being faced with fire-fighting and operational challenges, leaving them with limited time to focus on growing their business. On top of it all, having to compute payroll on a monthly basis, is adding up more on your to-do list.

• The possibility of doing it wrong

When managing payroll internally there is a greater risk of making errors and mistakes. Struggling to handle payroll correctly puts the owner in an awkward position which might have a significant effect on the employees and create additional inconveniences. Having a trusted partner when dealing with payroll can give your business a huge leap forward.

• Complexity of meeting your payroll requirements

Another factor to consider is how complex your payroll is. If you have a medium-sized business with a more complex payroll, you may find that you no longer have the time or resources to handle your payroll in-house. If you need support with ensuring a timely monthly payroll, outsourcing it will be beneficial for your business.

• Payroll cost implications

Finally, you should also consider the cost of outsourcing your payroll.  Entrusting it to a payroll expert will cost less than managing it internally and in return, will save you money on software, hardware, and employee training.

Outsourcing your payroll can be a great way to save yourself the hassle that comes with it while complying with local labour regulations. However, you should carefully consider your specific needs before deciding and choosing the right payroll adviser.

Get in touch with us at payroll@businessdoctors.com.mt or call on 79903685.