by Stacey Lennon, Digital Marketing Executive with Intelligo Sofrware who provide Corporate HR Software and Payroll Software
Looking for a Payroll Provider? We know why! Payroll is one of the most complicated elements of accounting for any business. Managing the payroll, even for a handful of employees, can be a confusing and time consuming task. Add in the ever changing regulations and it becomes a chore that you just don’t have the time to dedicate to. If you find yourself in this situation it may be time to consider another option. Engaging the services of a Payroll Provider lets you leave the heavy grafting to the professionals. An option that more and more companies are now choosing. If you need more reasons than that, here’s five more significant reasons to do so:
1. Cost
If you’re currently doing your own payroll, or have an in house division, you may think outsourcing is too expensive in comparison. Instead, think about the resources you’re using to complete the task. Figure out how many hours you or your employees are devoting to payroll activities. Gauge how much you’re spending and compare this to the proposed costs from managed payroll providers. Is there a significant difference in the cost? Be sure to include the costs for tasks such as payslips, dealing with staff inquiries, etc. Aside from this saving, with the burden of payroll management removed more focus can be put on revenue generating work.
2. Accuracy
Payroll mistakes can be painful, upsetting to your employees and possibly invoke the wrath of statutory bodies. Calculate your payroll taxes wrong, or worse, forget to pay them and you are faced with fines and/or other penalties. A good payroll provider mitigates against such events. Pay an employee the wrong amount and you have unhappy employees who have lost confidence in your ability to manage their payroll. A good Payroll Provider will assign you a payroll specialist or team who will know all the ins and outs of your payroll requirements. Ensuring your payroll is paid on time and paid right.
3. Reliability of Service
Any good Payroll Provider will commit to attaining certain standards of service. Ensuring your people are paid right and on time. Regardless of illness, holidays, etc. your Payroll Provider will deliver on their commitments. Staffing problems for your payroll team are no longer your problem. You’ve outsourced the problem and tasked the Payroll Provider to look after the function. With a payroll service, output speed and quality won’t vary with these factors. Service will be consistent all the time.
4. Service
Most Payroll Providers do much more than just print payslips or deduct taxes, they can execute third party disbursements; provide reconciliations; liaise with your employees; look after share schemes and much more. Additionally most Payroll Providers make it easy for employees to make amendments as needed. they do not have to ask for help from their Manager but go to the Payroll Provider.
5. Security
Payroll and confidentiality go hand in hand due to the large amount of employee information required to complete payments. It can be detrimental to your company if the wrong eyes fall on the wrong payroll information. A leak of this information can cause problems and compromise the employer or employee’s situation. A good Payroll Provider will have the best practices in place to ensure such information is safe. They will be able to show to you a secure center, ensuring your confidential payroll data is in safe hands. By outsourcing your payroll, confidential payroll data is calculated off-site. This ensures data safety and confidentiality, providing you with not only security but peace of mind.
There’s a lot can be said for the peace of mind that outsourcing your payroll to Payroll Providers can bring. No headaches, no hassles just a profitable business. So do your planning and go for it!
