There are lots of great reasons to outsource your payroll but we've picked 10 Great Reasons for Outsourcing Your Payroll here:
Unless you have unlimited resources and want to spend, spend, spend; your money could be put to better use! In almost all businesses, an in-house payroll service is a money burner. If you calculate the hours your employees spend on payroll-related activities, plus payroll software costs, training costs, printers, printing and distributing payslips, creating tax documents etc, you will be surprised by the savings when you compare the real cost of in-house processing to the cost of engaging a specialist outsource payroll service provider.
The payroll function can consume a large proportion of your staff resources, particularly if the staff in charge of the payroll are not full-time in that role and trained specifically to deal with it. The benefits of outsourcing the payroll include freeing up these resources allowing your staff to concentrate on more essential tasks. The Outsourced payroll model not only ensures your payroll is processed cost effectively but enable you choose the service level most suitable to your needs and deal easily with variation in resource requirements.
To ensure your payroll is calculated correctly and meets the on-going legislative and calculation requirements, your payroll person will require on-going training. Software is a great tool to help with the calculations but it’s only as good as the information that is fed into it. Often, employers are paying more than they have to because their payroll operators don’t understand the calculations behind the software or what changes they need to make to reflect individual circumstances. Ignorance is no excuse but on-going training is another essential cost to businesses processing payroll in-house.
No two companies are the same. No two payrolls are the same. Individual personal circumstances or payment structures can lead to complicated payroll structures or scenarios. It pays to have a wealth of experience at your disposal which is unobtainable for most small in-house payroll departments. The wealth of experience from a Team of experienced and qualified payroll professionals is available from most reputable payroll service providers who ensure their team remain up to date with all the ins and outs of payroll-related tax laws and latest government legislation.
As payroll service providers are specialists, they can process even the most complex payrolls at a greater speed. Their specially designed processing systems and controls will ensure a quick turnaround time on your payroll when required.
Payroll mistakes can be painful, upsetting and stressful. A good payroll service provider is far less likely to make a serious error than your in-house staff. By engaging a reputable payroll outsource provider, you’re benefiting from their expertise, knowledge and finely-tuned checking systems resulting in over 99.7% accuracy in payroll delivery.
Payroll is one of those tasks that has to be done on time. Deadlines are dependent on the people involved. In-house payroll activities depend on limited resources to meet their payroll deadlines. By choosing a professional and established payroll provider, output, speed and quality remain consistent regardless of holidays, sickness or other planned and unplanned leave. There is always a risk that you may lose one of the key members of staff that deal with your payroll and with them goes their knowledge. When this happens it can be extremely difficult to replace them at short notice, causing a logistical nightmare come payday. Outsourcing payroll ensures that your payroll deadlines are met consistently and reliably.
Reputable payroll bureaus offer flexible solutions to meet individual business needs. Most outsource payroll providers provide options that enable you choose the service level best suited to your requirements, yet capable of the flexibility required to meet changes in your business needs. Outsourcing payroll means you pay for what you need – no more, no less!
Fraud is one of the highest growing crimes in Ireland. Payroll processing can provide opportunity for fraudulent activities in a number of ways. Do you have the time and energy to closely supervise your business’s payroll for time and rate abuses and other shady activities? Are you confident that your payroll data is secure at all times? Do you know how to spot fraudulent activities within your payroll function? Do you understand the implications as a Director in your business? Reputable and trustworthy payroll bureaus will have stringent procedures in place to minimize the risk of fraud and will have the relevant security in place to protect your valuable and confidential personal data while in transit, processing and storage.
There’s a lot to be said for the peace of mind that outsourcing payroll services can bring to a business owner or manager. No worries about IT crashes, corrupt files, staff absenteeism or changes in legislation. No headaches, no hassles, no stress, no worries! By outsourcing your payroll, you’re free to focus on running your business knowing your payroll obligations are dealt with correctly, efficiently and compliantly.
At Paycheck Plus, our experienced and IPASS qualified Payroll Team work with you to ensure your payroll is operating at it most efficient - both for you the employer, and for your employees. Our tailored payroll services are structured to meet your specific payroll requirements while our range of value added services ensure that your outsourced payroll department fits seamlessly into your business.
To find out how our award winning payroll services can help your business become more efficient call Niamh today on ++353 41 686 3000 or contact our payroll team for more information.