There are a few reasons: building and maintaining a skilled payroll department takes time and costs money. It can be far more cost-effective to outsource the function to a dedicated company whose payroll team is already in place.
These outsourced payroll teams are also specialists, giving their clients access to their industry expertise and up-to-date knowledge. It can be onerous to keep track of economic and legal changes when your focus is on running your own business. Outsourced payroll teams will keep you in the loop on labor law changes, tax changes, and anything else that might affect your business. This leaves you able to concentrate on your business.
As mentioned, hiring and maintaining a payroll team takes time and money. When you outsource the payroll function to a dedicated company, you save on the costs of paying your own staff and in the maintenance of payroll software and systems. Outsourced teams are often more affordable, since the cost of their salaries, software and systems is shared between their clients.
Business compliance is also a big factor. There are many important requirements tied up in payroll, and by outsourcing it, your business risk is reduced by ensuring that you are always legally compliant.
Payroll is a time-consuming, repetitive monthly process. By outsourcing it, you allow your finance team and other departments to concentrate on their core business. With accurate, timely, and efficient payroll in place, you and your employees are able to focus elsewhere.
While many businesses benefit from outsourcing payroll services in Dubai, we find small- to medium-sized businesses benefit the most. Outsourcing gives these businesses access to high-quality, experienced specialists, which they may otherwise not be able to afford.
In terms of industries, again, there are many that benefit from outsourcing payroll but we find those with complex payroll structures benefit the most. Some examples are construction, hospitality, retail, and healthcare, in which there are frequent changes to labour law, monthly changes in wages or salaries, as well as commission or shift-based structures.
Outsourcing allows industries like these to ensure they are business compliant in the UAE and globally, while reducing their administrative burdens.
While it may seem an obvious thing to handle in-house, there are considerable risks and challenges involved in managing payroll in-house.
Confidentiality and accuracy are of paramount importance when handling the delicate data connected with payroll. At Swift Audit, we take several steps to ensure the integrity of the information that we handle:
Yes, we love hearing from our clients and sharing that with you. An SME client of ours was recently able to save an enormous amount of time and trouble by ensuring they were fully compliant with UAE labour laws. Outsourcing their payroll function to us meant they avoided fines and time wasted on correcting unnecessary errors that had existed in their system before working with us.
A local retail chain reported increased employee satisfaction thanks to their switch to working with Swift Audit. Our accurate, automated payroll solutions meant that every month their payroll was reliable and correct, reflecting in their employee happiness.
Another example is a startup who were able to reduce costs and streamline their operations by replacing their in-house payroll team with Swift Audit’s payroll experts.
The legal and financial regulatory environment is prone to frequent change. Keeping up to date with these changes, from changes to UAE labour law and WPS regulations. We ensure our clients remain compliant at all times in a few key ways:
We find these areas are key to keeping up with business compliance in the UAE, and crucial for ensuring our clients remain compliant at all times.
There’s no better time to outsource your payroll services than right now. Get in touch with our dedicated team and let us relieve you of the monthly burden of payroll.