“Staying on the ball in the payroll game” – How businesses can keep costs down and reduce risk

Payroll is a necessity for organizations. If a business doesn’t pay its staff accurately or on time, employees will quickly become disaffected. It is, however, a technical function and, as such,  it requires specialist expertise. Often, organizations don’t want that expertise in-house. They would rather have an external specialist to deliver it for them.   

When running a company, time is money, and as businesses grow and employee numbers increase, unfortunately so does the time spent on managing payroll. Outsourcing payroll can potentially save time, remove unnecessary workload, and complexity. In addition, it can prevent compliance headaches. Processing payroll in-house can be costly as companies have to spend money on training and other resources to ensure they meet all legal obligations. Human errors are more likely to happen when operating payroll in-house as opposed to outsourcing it; payroll outsourcing providers keep on top of the latest processes and procedures (such as the recent IR35 changes), helping businesses avoid any potential penalties for even the smallest mistakes.

Source link