Are you still managing your payroll in-house? You might think this gives you greater control and oversight but new technologies now offer far more sophisticated outsourcing solutions. In fact, payroll outsourcing can save you valuable time and money – and keep your business operations compliant across multiple locations.
Don’t believe us? Here’s a list of the four main benefits of payroll outsourcing for you to consider:
- It saves time
Payroll is a time consuming business. It’s incredibly admin heavy, detail orientated work that, while repetitive, can’t be rushed. Tasks such as keeping track of benefit deductions, new hires, pay increases and contract terminations can be frustrating to process. It’s not unusual for employees to push these tasks to the bottom of the pile, impacting deadlines and productivity.
Repetitive, administrative work, like filing reports and distributing payslips, can be dull but it’s important to do correctly and on-time. This can easily take up large chunks of your employees’ time. If you have a good team of people working for you, wouldn’t you rather put these resources to better business use?
By outsourcing your payroll, your employees will have more time to focus on long-term, strategic business activities.
- It guarantees compliance
Keeping up with legislative requirements in one country, let alone across multiple locations, can be difficult. Added to which, in some countries, rules and regulations can change overnight – without any warning! No matter how hard your in-house payroll team tries, it’s all too easy to unwittingly find your company on the wrong side of the law. Unfortunately, inexperience is no defence and your company will be held liable and face penalties for non-compliance.
One of the main benefits of payroll outsourcing is that you no longer have to manage compliance in-house. The responsibility now rests in the hands of in-country, cross-border experts who will ensure that your company is meeting all legislative requirements in each and every location it operates in.
- It improves security
If your company’s payroll data is stored on an in-house server or network that isn’t fully secure, you could be vulnerable to cybercrime. Online security is increasingly open to risk and data theft can seriously damage your company’s operations and reputation.
However, if you outsource your payroll, all confidential information will be stored on secure data servers. Professional payroll companies invest in the latest cyber-security technologies and have the right people, software and security measures in place to guard against data loss and cybercrime.
- It uses experts
Payroll management is not your core business or main area of expertise – and yet it requires a lot of your resources. By outsourcing your payroll, you will get payroll advice from experts in the field who make it their business to know all the legislative ins and outs of local rules and regulations.
This expert advice will help you realise the benefits of payroll outsourcing. It will guide your day-to-day administration, keep your company on the right side of the law and free up important resources to focus on more business critical work.
If you would like to outsource your payroll or find out more about how it works – give us a call.