Payroll processing plays a key role in keeping an organisation running smoothly. Obviously, if employees don't get paid on time with the right amount, things could get very nasty. The big question that has to be asked is "is it efficient to process payroll in-house?"
Here are three main reasons why you should outsource your payroll:
Processing payroll within your organisation is a time consuming activity that requires time and attention to detail by at least two people in the organisation. Depending on the size of the organisation, this could mean taking staff off other tasks to focus on payroll at some point during the month. Once payroll is outsourced, it frees up time that can be used for other important tasks.
Professional payroll providers generally stay in touch with all the changes in legislation and ensure that your company is compliant with tax and pension deductions. Mistakes can result in penalties and reputational damage.
Payroll providers carry the risk of obsolete software and your company will not have to purchase and maintain software. This saves you money and takes away that task from the IT department.