Top reasons to hire a payroll services company
Regardless of the size of their organisation, all employers want their employees to be paid accurately and on time, every time. This enhances employees’ trust in the company, improves job satisfaction and drives a positive culture within the organisation.
But developing and sustaining the manpower required to manage this essential function efficiently can be extremely complex and time-consuming.
Consequently, businesses are increasingly outsourcing their payroll function to improve efficiency, reduce operating expenses and alleviate risk. Indeed, a 2020 survey by Deloitte reveals that “outsourcing remains an essential tool for client organisations to support their strategic goals”.
Appointing a payroll services provider to manage payroll holds numerous benefits for businesses of all industries, sizes, types and locations. Let’s take a look at some of the top reasons to hire a payroll services company.
Time is money, and not spending your time effectively can cost you a significant amount of money in the long run. As your company grows, so does the expense of managing your payroll in-house. The cost of calculating salaries, printing payslips, keeping up with legislation, maintaining software and ensuring your data is secure can quickly escalate out of control.
Fully managed payroll services are specifically geared to optimising the payroll function so that your business can save money.
Outsourced payroll services gives you access to a professional team of experts with specialised skills. This is particularly beneficial for multinational organisations that have a presence in different countries.
A payroll services provider frees human resources, payroll and/or finance personnel from the administrative and legislative burden of managing payroll so that they can focus on tasks that are of more strategic importance to the organisation.
Relying on their vast experience and knowledge will help to improve efficiencies, boost productivity, and ultimately enhance the company’s competitive edge.
Business owners are ultimately responsible for ensuring payroll accuracy and meeting compliance requirements. But payroll legislation and regulations change quickly and frequently and not all companies have the time or resources to keep up with these changes.
Enlisting the help of a payroll services provider eliminates the hassle and pain often associated with compliance and enables you to timeously implement any changes to remuneration, tax and reporting requirements.
There’s no room for mistakes when it comes to running payroll. But if the organisation operates in more than one country, keeping the payroll error-free can be particularly challenging for in-house teams, as each country has its own set of laws and regulations. Before you know it, your organisation could be facing audits and even severe penalties.
A dedicated payroll services provider is experienced in all the best practices required to manage your payroll accurately and efficiently, including across international borders, and will reduce the risk associated with non-compliance.
Whether you run a small business, medium-sized company or a large enterprise, handing over the management of your payroll to a payroll services provider presents a massive opportunity to improve profitability and catalyse growth in your organisation.
Isn’t it time you considered outsourcing?