As a business grows, it becomes harder and harder to deal with everything in-house. Taking on more staff might not be an affordable solution, especially when it comes to sourcing specialist skills that are not needed all the time. Hiring a virtual assistant is an increasingly popular solution. When it comes to payroll, it can be a real money saver.
Top-level talent, low level cost
One of the reasons entrepreneurs are often headhunted is that they’re known for having a multiplicity of skills. In a small business, everybody has to be able to do a bit of everything. Being able to do everything, however, doesn’t mean being able to do everything well. Having access to a specialist can make a big difference, especially when it comes to finance.
Paying for a specialist as a full time staff member can be very expensive in comparison to what a small business brings in. It basically means that, much of the time, that business is paying for skills it isn’t using. Salary, tax, expenses, holiday pay, sick pay etc. can quickly add up. Using a virtual assistant means only paying for the hours when they’re actually needed, with none of those subsidiary costs. It can massively reduce the overall cost and can potentially give a business access to a much more talented person than it could afford to keep on staff.
Better payroll management
When it comes to saving money, a skilled payroll handler can make a big difference. The complexity of pay and tax systems can be confusing, especially for an organisation that is in the process of expanding its staff or has a lot of part time workers. It’s easy for a non-specialist to make mistakes and these can be expensive. Where underpayment happens, it can also lead to a loss of staff goodwill.
Taking on a virtual assistant to handle payroll can eliminate these problems and can potentially save a lot of money. It makes it easier to be flexible about staffing issues without the worry that this will further complicate an already difficult job for the business owners.
Finding the right person
To get the most out of hiring a virtual assistant, it is of course important to find the right person. This can be a complicated process as it’s advisable to seek recommendations or get references in order to make the choice with confidence.
One approach is to make use of umbrella companies or agencies that provide virtual assistants to suit a range of different requirements. This is a much safer way to find payroll solutions as it means things like qualifications, experience and general competence will have been pre-assessed. Establishing a good relationship with an organisation of this sort can also make the process easier when you want to hire a virtual assistant for another type of task.
The real beauty of bringing in a virtual assistant to handle payroll is that it frees up existing staff to do other things—that is, to concentrate on the aspects of running this business that they’re really good at. This in turn can enhance its competitiveness and keep it ahead of the pack.