LET US MANAGE YOUR PAYROLL …
The Meaning of Payroll
Payroll means calculating each employee’s salary & taxes, executing salary payments, & supplying regular management reports.
Our Payroll Outsourcing service
Our Payroll outsourcing service means hiring our company to handle the payroll operations of your company. It will save your company thousands of Naira, valuable time and the many payroll headaches. Managing payroll is not just about writing pay cheques and calculating tax. It includes:
- Filing quarterly reports
- Withholding employee taxes
- Paying withholdings to government agencies
- Managing employees' pension plan contributions
- Notifying the government when employees are hired or leave your company
The Cost Factor
Payroll is a costly business expense. Therefore payroll must be well managed whether it is maintained internally by your company or outsourced to our company. Companies often initially process payroll themselves for the following reasons:
- They consider in-house processing to be more cost-effective than outsourcing
- They are protective of wage information
- They want to maintain control over payroll data to handle last-minute changes.
Ultimately clients learn, though mistakenly that managing payroll in-house is not that cheap especially when you factor in the time & resources spent to manage the process. Plus, without the proper knowledge of payroll procedure and access to a sound payroll program, it is easy to make mistakes. Employees as well as federal tax agencies need to be paid in full, on time, and in the proper manner.
You will get the following advantages if you outsource your company’s payroll to our company:
- Cost Saving - On average, your company will save 50 percent of the cost of handling it in-house by not having to hire a payroll specialist or IT professional, buy computers, office space, etc.
- Convenience- Passing to us such information as employees’ work hours, pay rates and wage deductions can be convenient for you to administer a compensation and benefits program and track payroll expenses.
- Time Saving– You will free up human resources (HR) staff or others who handle HR tasks, so that they can devote more time to recruiting, hiring, training and other HR functions.
- Utilize Expertise From Outside -With regular changes in government reforms, legislation and withholding rates, it can be hard for a business to keep on top of the latest requirements. We know the industry inside out and keep up with all the changes.
- Eliminate Technology Problem -We will ensure that the payroll software used is the latest version with the most recent tax tables installed. Doing it yourself without the latest technologies can mean that errors arise and expose your business to default penalties.
- Offer Direct Deposit – Our direct deposit eliminates time-consuming and error-prone paper handling and the need to reconcile individual payroll checks every month.
- Avoid FIRS Penalties - Deductions involved with employee payroll can be complicated including federal tax. We are better equipped to calculate these deductions accurately and consistently.
- Avoid Payroll Knowledge Leaving You - Having one person in your company doing your payroll can be a business risk. If they get a new job, all their payroll knowledge and techniques walk out the door with them. Using us mean you eliminate the worry of losing your valuable asset.
- Accountability - Tax regulations are constantly changing, making errors more prolific. We will offer services to file federal payroll taxes for your business. This alleviates the headache of knowing the latest tax code, filing deadlines, deposit requirements, tax tables, government forms or payroll software versions. Ghost worker syndrome is eliminated 100%.
- Financial Reporting – We shall offer reports such as summaries on earning statements, payroll by departments, time sheets, expenses and a host of other reports.
- Reduce Stress- Manual payroll is a headache in the best case and a nightmare in the worst case. If you outsource to us you will eliminate a tiresome source of personal and personnel stress stemming from in-house errors or misguided mistakes that can cost the business money, sanctions and/or reputation.
…contact us today for your payroll management service!!