Should I Outsource My Company Payroll?

Even the most skilled and experienced professionals find that payroll can be a headache. Add up some tax issues, and now we're talking an all-out financial migraine.

For many businesses, payroll services propose an attractive and valuable alternative to in-house processing. Chosen correctly, they provide a cheaper, simpler means of paying your employees, filing your taxes, and performing other critical tasks.

Give me 5 reasons why I should outsource my payroll

1. Time

No matter how many employees your company has, it takes a lot of time and attention to process payroll demands. You need to type in large amounts of data double-check for keying errors and basically, you're wasting your time while you could be working on critical tasks like building revenue and serving clients

Outsourcing payroll gives you more time to focus on what matters most. In most case, you will only need to contact your payroll company representative once each pay period.

2. Time saved is money saved

Think about the time required for each of these:

• Calculating payroll.
• Printing, signing, and distributing paychecks.
• Generating reports for in-house and accountant use.
• Preparing and transferring payroll taxes and returns to the government.

Through a time/cost analysis, you may find the benefits of getting an affordable payroll processing service provider.

3. Better security

Payroll processing is a complicated and potentially risky business operation. There will always be a risk of identity theft, embezzlement or tampering with company records made by employees for personal gain. There's also a risk of using payroll software by companies that aren't well established and may be out of business in a few years. There's also a question on how safe and secure is payroll data on the company's server or network.

On the contrary, outsourcing payroll to a stable, experienced provider can safely store your confidential payroll data. In addition to backups and multiple server locations, a great payroll provider should have state-of-the-art systems for storing and protecting data, only because it's a part of the service they provide to clients.

4. Compliance with government regulations

Let's be honest, the world of government tax regulation is complicated. You can't afford to make any mistakes when it comes to paying your taxes. Apart from that, the government rules and regulations are always changing, so it's almost impossible for business owners to keep up with these changes. 

Professional payroll providers, in contrast, must stay updated with the rules, regulations and changes in tax rates. Some of them even have whole departments dedicated to helping clients stay informed of regulatory updates.

5. The expertise of professionals

A responsible payroll company recruits individuals who know payroll processing inside and out. They specialise in the payroll taxes, including complying with government regulations. It's what they're trained to do and part of the guaranteed quality of service they provide.

Saving time and money, better data security, and the comfort of knowing your payroll functions are safely handled by experts, these are all compelling reasons why millions of business owners outsource their payroll. With so many benefits, the question is now "How do I choose the right payroll provider?” Luckily, AJobThing customers can get 35% discount on Mywave HRM and Payroll Products & Services! Just use the code ’MWAJTCCP35’ to a Mywave Sales Specialist by calling +604 611 0771.

This article is based on "why should i outsource payroll? a payroll processing company explains" by Jean Murray.