Is Payroll Outsourcing an Option for Your Business?
Are you considering payroll outsourcing as an option for your business?
NO matter what size a company is or what sector they operate in, if there are people employed to assist in their business, then they have to be paid. Keeping up with the back office duties (i.e. accounting and payroll tasks) takes a substantial amount of time and diligence. In most operations, the value of the transactions impact on the number of employees required to take care of the workload. In some cases, one or more workers may take on these tasks in addition to their designated responsibilities.
When employees wear multiple hats at work, job-related stress is bound to increase and the business becomes vulnerable to costly errors. It’s hard to stay on top of all the legislative changes and ensure that your operations remain compliant and effective. However, there is an answer.
The benefits to outsourcing administrative tasks have been well documented over the years. Some organizations recognize the value of hiring a virtual assistant to prepare and send a shipment of products, organize the filing system or cross-check the spreadsheets is a good use of everyone’s time. Yet, these employees-for-hire may not be the right fit for one of the most time-consuming – and easily outsourced – business responsibilities: payroll.
Payroll is its own beast. It’s an on-going non-profit making process with different variables at every turn. Often it seems once the task has been conquered, regulations and technology change. There’s also the worry that the person who tackles the payroll process will be absent on unplanned leave due to sickness or accident or worse still, leave the company, taking his or her payroll expertise along with them.
Thankfully, todays marketplace has evolved in such a way that payroll outsourcing is a viable option for many companies. However, delegating the process to another is not always the best fit for every operation. Knowing when to outsource payroll is an important element for business to consider.
According to Entrepreneur.com, factors such the number of employees at the company and the skill level of the payroll processor should be considered before outsourcing payroll. “The key to having an effective payroll system is keeping accurate data that can be retrieved at a job level within your overall accounting system that is managed by a capable individual–be that internal or external to your organization,” the site notes.
A small business with 10 employees will typically spend as much as €3,650 per year in direct labor costs associated with payroll. Then there’s the cost of software, updates, training, support, data protection, IT resources and management, stationery, printing and storage to consider. Its certainly no secret that the costs of processing payroll can be greatly reduced by considering payroll outsourcing for this task.
The decision to let go of the reins and outsource payroll has benefits beyond time and money savings; it can stave off a visit from Revenue, Social Welfare or NERA auditors as well. Tax calculations and employee entitlements are a delicate matter when it comes to payroll processing. Outsourcing to Paycheck Plus removes the risk factors associated with Irish and UK Payroll and keeps payroll running smoothly, allowing for more time to dedicate to growing the business.
If you would like further details about our range of payroll outsourcing services, talk to Niamh or Anne today to see how Paycheck Plus can create genuine savings for your business and enable you focus on developing your profit making activities. Call from Ireland on 01 9059400 or + 353 (0)1640 1889 from overseas. Alternatively request a callback to have one of our representatives contact you soon.