As leading payroll specialists in Nigeria, we have done our homework. We can offer examples of ways that outsourcing these functions can benefit your organization.
The Benefit of Outsourcing Payroll for Your Business
The major benefit derived from hiring consultants like us is to manage your payroll function is that it frees up time for you to focus on more strategic demands of your organization.
A big advantage of having experts manage your payroll, is not having to worry about being one of the more than 40% of businesses that pay penalties or fines each year for late or incorrect filings and payments. Another interesting stat you need to know is that 33% of companies incur unbudgeted expenses related to non-compliance with government regulations. As experts in offering financial services, Kennedia stays up to date with local laws thus we will significantly reduce the likelihood of your organization incurring fines.
For many organizations, processing payroll can be a very tedious task. Payroll outsourcing introduces a valuable and attractive alternative to manual bookkeeping, in-house payroll processing, and admin. When done right, you receive more straightforward means as well as fewer expenses through paying your workforce, filing your taxes, withholding taxes and ensuring proper computation and remittances of statutory deductions. For one, a business can save a lot of cost, time, and money by hiring experts to manage their payroll function.
It is a fact that most Nigerian businesses prefer to process pay checks internally; however, this is not the most cost-effective solution. By allowing us to take care of your payroll processing, you can allocate more resources to processes and strategies that directly impact the future of your organization.
What Are Payroll Services?
Payroll services are the financial services related with managing your employees’- these services can be outsourced to consultants. Payroll services cover a range of functions of the payroll process, which are carried out in accordance with the Service Level Agreement.
Included within and alongside the services listed below are the ability to make deductions as appropriate and file taxes accurately and in a timely manner.
- Payroll Management
- Registration of Companies for PAYE
- Processing Employees’ Tax Clearance Certificates
- Filing of Employer & Employee Annual Pay As You Earn (PAYE) Tax Returns
- Set up of new payroll system
- Annual Payroll Reconciliation
- Transfer of payroll from another provider
What Are The Benefits For Your Business?
Managing your payroll comes with its hassles – it is time consuming, it requires effort, and consumes other business resources. Here are the most apparent benefits that accompany our outsourced professional payroll services:
- Outsourcing your payroll saves time
- Reduces direct costs of in-house payroll processing
- Compliance with Federal and state regulations
- Access to the latest payroll management technology
- Increased security and secured data
- Remain up to date with accounting and payroll related laws
- Control possible fraud by employees `
- Expert advice from professional consultants
- Reduce manual errors
- Access payroll processes through mobile monitoring
- Compliance with Local labour law
Do you want to grow your business faster and focus on your core values?Allow us at Kennedia Consulting to cover your financial services as leading consultants.We understand what you need without needing lengthy discussions that eat up your valuable time.
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