When running your own construction business, you’ll undoubtedly be faced by many challenges and issues that you’ll need to overcome. As a company grows and develops, the owner of a business will have many different facets to deal with, which can become overwhelming, especially when trying to deal with aspects of business management that are unfamiliar. Ensuring that you, and your employees, are insured and protected, should something go wrong, that any contracts are completed to a high standard in an efficient manner, and that the administration side of the business is kept up to date are just three of the aspects of a construction business which need to be handled, and that’s just the tip of the iceberg.
This is why outsourcing some of your specialist requirements, such as your payroll needs, can be hugely beneficial to you as a business owner. Recruitment can be an arduous task after all – you’re going to want to hire people who have a good work ethic, and who can relate to your business needs and beliefs. Recruitment can also be a lengthy and time-consuming process when you’re trying to find the perfect candidate, especially when it’s for a position in something specialised like payroll, which isn’t something that a ‘jack of all trades’ admin assistant can take on. It can often be easier to use an external payroll service, such as that provided by Green Lantern, instead. Here, we take a look at some of the benefits you can enjoy by using an external payroll company, so that you can concentrate on doing what you do best – being and building a construction business.
Uncomplicated and Convenient
For a construction business, or any other business for that matter, dealing with something unfamiliar like payroll can prove to be incredibly complicated and time-consuming. If a company was to try and handle the payroll issues without recruiting a specialist, they could end up wasting a lot of time sorting the finances rather than focussing on their actual construction contracts. Because of this, many construction businesses use an external payroll company, which can look after the wages, the taxes, and the holiday pay and sick pay entitlements, so that they don’t have to.
Compliance
The minute some people read the word ‘compliance’, a cold shiver comes over them. That’s because complying with current legislations can be a minefield that, if not done correctly, can blow up big issues for a company further down the line. External payroll specialists stay up to date with any payroll-related tax laws, and understand the legislature, so you shouldn’t have to worry about any compliance issues, or finding the money to fund legal fees should something go wrong.
The Cost
Obviously, outsourcing your payroll isn’t free. However, in comparison to hiring and recruiting your own in-house payroll specialist, it can save you money. After all, you won’t have to spend money per month on a salary, just the cost of the outsourced payroll administration. You also won’t have to take on any of the financial responsibilities that are associated with hiring another team member, nor will you have to fund their training, or buy any of the recommended payroll software. It also means that you will be leaving payroll in the hands of a professional who knows what they’re doing, so that you can focus on construction.
With the economy the way it is, it’s imperative that businesses – no matter their size – look for ways in which to cut costs and ensure that they work as efficiently as possible. One way in which to do this is by using a payroll specialist like Green Lantern, so that business owners and staff can get on with what’s at the core of their business – with the peace of mind that payroll is taken care of.
