Frequently Asked Questions about Payroll Service Providers
For many small proprietors, solo entrepreneurs and IT Contractors, the work involved in handling one’s own payroll duties can be distracting—even debilitating. For that reason, many people consider outsourcing their bookkeeping and other financial and reporting responsibilities to third-party payroll service providers. However, others wonder whether an outside payroll provider will offer them enough benefits to be worth using one. Here is everything you ever wanted to know about hiring outsourced payroll providers but were too afraid to ask, so that you can make the right choice for yourself and your business:
How expensive is it to use outsourced payroll providers?
Outsourcing your payroll duties may be more affordable than you think. At AchieveCorp, we offer rates between 1.25% and 3.75%, based on your hourly rate and which of our services you enlist. We find that using a sliding scale helps all our clients pay a reasonable amount for our work, and allows them to find the assistance they need without unexpected surprises.
Can outsourced payroll service providers help me with salary packaging?
Salary packaging allows you to pay for specific items that are generally tax deductible, out of your pre-tax salary so that you will be taxed less on your annual income. We typically assist contractors with salary packaging so that they can access all the benefits for which they are legally qualified, without the need for setting up their own company to obtain these benefits. Because AchieveCorp is a CPA business, our professional salary packaging and accounting advice is guaranteed to be accurate and genuinely allowable under relevant taxation legislation.
What items can be salary packaged?
We create salary packages that allow you to package every item allowable to you under relevant taxation legislation. Under the Personal Services Income Legislation (or the 80/20 rules), your packaged items are limited to include those that would commonly be available to ordinary employees. These may include vehicle leases, vehicle running expenses, superannuation, equipment such as laptops and mobile devices, other professional expenses and living away from home allowance in circumstances where the client is eligible. Sometimes you can package a low-value vehicle that you already own, without a lease, through your salary package. Further information on items that can be packaged is available through our expertly trained team.
My clients only pay once per month, but my business needs more cash flow. Can outsourcing my payroll help?
Yes. Outsourcing your payroll service to third-party providers can be an excellent way to break down your monthly pay into smaller amounts and establish cash flow throughout the month. For a small fee, we offer a Payroll Accelerator Plus program that helps our contractors and consultants receive payment every week.
Is there any way to ensure transparency in my payroll service?
Some people are hesitant to outsource their payroll services to a third party because they are not sure about giving outsiders access to their financial information. However, we work to maintain complete transparency at all stages of our work by providing clients access to an online system that lets them monitor their records. And we’re a professional CPA Accounting firm, so you can be assured we maintain the highest ethical standards and you can rely on our professional advice.
Many Compelling Reasons to Consider Outsourced Payroll
Using payroll service providers can save you time, help make your company more productive, allow you to cut down your taxable expenses and ensure that you are paid with more regularity. To learn more about the advantages of working with AchieveCorp, contact us at your first available opportunity and speak with our team who can answer any questions you may have about our work. Call today, and let us give your earnings a boost.