While many businesses choose to utilise manual payroll processes like do-it-yourself apps or data entry through spreadsheets, outsourcing payroll can make completing everyday tasks much simpler and less time-consuming. However, despite the benefits of outsourcing payroll, it’s often overlooked due to businesses not seeing it as an essential business function. But as a result of hybrid and remote working, making your payroll processes more efficient is more important than ever. That’s why this blog will explore the benefits of outsourcing payroll.
What is outsourced payroll?
Outsourced payroll is when an external company completes payroll processes on behalf of a business. An external payroll provider can manage taxes, salary adjustments and calculate weekly payroll. By choosing outsourced payroll businesses can remove the need for paperwork and manual processes, making it simpler for tasks to be completed.
Outsourcing payroll also helps businesses stay ahead of compliance as software and payroll professionals stay up to date with the latest rules and regulations.
Benefit 1 – It helps businesses save time
Whether you’re a small or large business, implementing outsourced payroll can help you save time when completing your payroll processes. By getting an external company to complete various tasks, it frees up time within your company for staff to focus on more business critical roles. This paired with automating tasks can significantly improve the efficiency of your business, helping you avoid making any mistakes.
Benefit 2 – It helps you avoid payroll mistakes
Payroll mistakes can be frustrating for both businesses and employees and can even lead to penalties, fines or your business closing. It can also cause a rift in your company culture as paying your staff incorrectly or not on time can cause issues within their personal life and annoyance, especially if this is a recurrence.
Implementing outsourced payroll can avoid mistakes being made as you’ll gain access to a range of professionals that pride themselves in understanding the latest rules and regulations.
Benefit 3 – Enhanced compliance
Most businesses understand the importance of staying compliant. But this can be a time consuming process that companies don’t have time to perfect. As a result many businesses opt for an outsourced payroll client to help them stay compliant when undertaking payroll processes.
Benefit 4 – Access to expertise
Using a company to help complete payroll tasks gives you direct access to a range of industry professionals that understand the intricate details of the payroll industry.
When you outsource your payroll with Payescape you gain access to CIPP certified professionals that keep up to date with the latest rules and regulations. This means your company is in capable hands and avoids any mistakes.
Benefit 5 – It can be integrated with other software
Perhaps one of the greatest benefits to outsourcing payroll is that you can integrate it with other software like HR and time and attendance.
At Payescape, we can integrate our payroll, HR and time and attendance software, so that you can access everything in one place. This allows you to access reports, data and tasks in one centralised location, making it easy for all staff to access documents and information. This helps you avoid duplication of documents and tasks, helping you stay compliant, save time and keep your staff happy.
So if you’re looking to outsource your payroll processes, get in touch with Payescape today to see how we can help.
