Is Payroll Outsourcing an Option for Your Business?
Are you considering outsourcing payroll?
No matter what size your company is or what sector you operate in, if you employ people then they have to be paid. For many organisations, one or more workers will manage the company’s payroll processing in addition to their designated responsibilities. But keeping up with payroll legislation and best practice takes a substantial amount of time and effort.
When employees wear multiple hats at work, stress is bound to increase and the business becomes vulnerable to costly errors. Payroll is its own beast. It’s an iterative and variable process, and unfortunately it often seems that once it has been mastered, regulations and technology change. Thankfully, todays marketplace has evolved in such a way that payroll outsourcing is a viable option for many companies.
It’s hard for any employee to stay on top of all the legislative changes and ensure that their payroll processes remain efficient and compliant, especially if this task is supplemental to their primary role. Additionally, there’s always the worry that the person who manages the payroll will be unexpectedly absent or worse still, leave the company, taking his or her payroll expertise along with them. However, there is an answer.
The benefits to outsourcing administrative tasks have been well documented over the years. Thankfully, todays marketplace has evolved in such a way that payroll outsourcing is a viable option for most companies. Which is just as well when you consider that even small businesses will typically spend thousands per year in direct labour costs associated with payroll. Then there’s the cost of the equipment, resources, office space, software, data storage, IT support and additional tax filing or accounting services to consider. It’s 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 GDPR Regulators, free you from having to worry about keeping up to date with ever-changing calculations, employer obligations and employee entitlements, and afford you the time to dedicate to growing the business. And what is more you get a transparent cost structure with no hidden surprises.
If you would like further details about our range of payroll outsourcing services, simply request a callback or call our Irish office on +353 (0) 1 905 9400 to see how Paycheck Plus can create genuine savings for your company and enable you focus on your core business.