Payroll Outsourcing provides rare opportunities for a business to realise greater outputs from existing resources. Because a single function when outsourced, offers benefits like more time, compliance, better utilization of resources and space, more funds for revenue generating functions, as well as leasing instead of buying technology, in short, lesser worry overall. This is the “Take-Away” concept. So what’s the Take-Away in Finance/HR if Payroll is outsourced?
|Secure Filing /
|Security, Growing requirements, Access, Damage and Compliance||No more space issues as reports are in electronic formats and payslips & other payroll reports are produced by the outsourcer|
|Stationery||Ongoing cost of purchasing and storing payslips, printer ribbons, paper,etc||No more stationary purchases or wastage of storage space in the office|
|Though critical, internal verification of payroll is often performed simply to satisfy procedure; it is still subject to abuse/errors and could go unnoticed||Outsourcers instill stricter audits and controls in the interest of providing high service levels to their clients as this is their core competence|
|Turnover, Training, Office Resources, Monitoring, illness and holiday cover. Lack of business continuity||No more risk, cost or reliance on supporting resources|
|Accurate deductions particularly Pay As You Earn (PAYE) and associated Reliefs||Compliance with the ever changing statutory deductions failure to which you may over deduct employees and therefore be liable for overtaxing||All risks as to accuracy are transferred to the outsourcer|