If you’re shaking your head no, guess again. It is very likely that you may be over paying your employees. Similarly you could be under paying your employees. This could be due to a number of factors – software errors, incorrect PRSI classification, incorrect setup of the payment or deduction elements, lack of expertise in the factors affecting the calculation of holidays or public holidays or the tax treatment of social welfare payments, allowances, benefits or other payments and deductions . There are several reasons that your employees could be paid incorrectly all which impact your business.
It’s even more difficult when employees are remote or mobile. It’s hard enough understanding your local regulations let alone the regulations operating within another state or country.
As the owner or primary stake holder in a business, you need to consider the possibility of errors. Payroll is the number one function outsourced by Financial Controllers. There’s a reason for this. When you do the maths, you will quickly realise that regardless of errors, the time and money spent doing payroll internally may be more costly to the business than securing the services of a professional outsourcing payroll company.
Why not let the experts handle this? One less thing to worry about and more time to focus on your core business functions.
Download our informative guide outlining the Reasons Why Financial Executives Outsource Payroll.