Payroll is one of the most critical functions in any corporation. Therefore, if it is not carried our correctly, it has the potential to severely damage the business.
Outsourcing Payroll has become an attractive alternative for large corporations, as well as small businesses. Since the specialized payroll provider now take care of the cost of infrastructure, timely upgrade of payroll system, adherence to the latest statutory compliance updates and everything in-between. This leaves more room to focus on growth and core business operations.
Outsourcing Payroll Benefits:
Time Saving
Processing payroll demands time and attention to detail, no matter how many employees the business has. This comes at the cost of valuable time or hiring specialized in-house payroll employees which usually comes with a hefty price tag.
Outsourcing payroll allows employers to concentrate on more important business tasks.
Data Security
Payroll is a complex and risky operation. Even with trusted employees, there is risk of identity theft, embezzlement of funds, tampering with company files and more.
Additionally, there is risk of using in-house payroll software as well. How secure is the payroll data? Who is closely monitoring the business’s payroll for time and rate abuses or other unethical activities?
Outsourcing payroll services offers a “safe haven” for confidential payroll data. Payroll providers invest in state-of-the-art systems for storing and protecting their client’s data, simply because it’s part of their service. Therefore, the corporation never need to worry about backups, multiple servers, system abuse and theft.
Reduce Cost
The adequate infrastructure, automation and timely payroll updates will cost a precious penny. Additionally, if anything is executed incorrectly, it will cause further expenditure.
Outsourcing payroll will reduce costs significantly at the technology-acquisition stage and almost completely in terms of maintenance support. With outsourcing providers, the corporation have access to support, great infrastructure, security and specialized software.
Consistent Payroll Expertise
In-house business payroll runs the risk of losing their payroll employee to another job offer, taking extended holidays or falling ill. If the corporation’s accountant/bookkeeper gets a new job offer, they will walk with their knowledge of your payroll process. You also will have to spend time helping new hired employees understand your business’s payroll system.
Outsourcing payroll will assure retaining the knowledge of all the ins and outs of payroll-related tax laws.
Savings in time, cost, data security and the comfort of knowing experts are handling your payroll functions are compelling reasons to explore the benefits of outsourcing payroll. If even one of the above benefits could improve profitability and efficiency in an organization, outsourcing should be considered.
Now that you know some of the advantages to outsourcing payroll, we hope you will consider this service and take advantage of the advantages.
Prepare a list of questions about the services you are considering outsourcing to us. We are payroll provider specialists and will spend the time necessary to explain our services, and the value we will bring to your organization.