There are many advantages to outsourcing the Payroll function, particularly for small and medium sized companies.
The cost of processing payroll within a company can be substantial. The time it takes to process payroll is often over looked within small companies. It is rarely cost efficient to have a staff member conducting the payroll even if that employee is part time. Whilst the process of payroll is time consuming, substantial time is also used on administrative functions, liaising with third party institutions such as pension institutions or Revenue, and addressing employee queries regarding pay and tax queries which inevitably occur.
Better Utilisation of Resources and Enhanced Efficiency
Outsourcing your payroll will result in greater utilisation of resources, enabling you to focus on the main core of the business which you are engaged. This in turn will impact positively on customer satisfaction and the business as a whole.
Ensure Better Compliance
It is imperative that the payroll is up to date and compliant with current Government charges, tax rates and legislation. This is particularly relevant as new legislative requirements are continuously being implemented in the current economic climate.
Supports the HR Function
Outsourcing the payroll will support the HR function of your organisation. Any redundancy, parental/adoptive/maternity leave, career breaks, and sick leave periods are addressed appropriately in the payroll. Thus, by engaging in outsourcing, you will also be engaging in the most up to date and experienced expertise pertaining to your payroll, which means that you are getting the same expertise as a large or multinational business.
Enhanced Knowledge and Management Information
Our market knowledge of completing payroll ensures that you are not operating your payroll in the vacuum of your organisation, but rather it is operated in line with best practices. This will be up to date at all times meaning that you will receive better management reports and specialist tax advice which in turn can create efficiencies elsewhere within your business.
Outsourcing Makes Good Business Sense
The benefits outlined mean that your company can achieve time and cost efficiencies whilst ensuring the payroll is completed and without losing any control of this important function. It makes good business sense to outsource your payroll. When this occurs, the impact on the employees who were originally carrying out payroll can be utilised in a more cost effective and beneficial manner.