What are the potential benefits?
The main reasons why businesses outsource their payroll include:
- Cost: outsourcing charges typically work out to be less than maintaining a specialist in-house team.
- Confidentiality: payroll details can be held and managed separately to other business information in an outsourcing arrangement—avoiding any accidental or incidental access.
- Reliability of Service: as is the case with other personnel-driven business processes, outsourcing payroll will mitigate the effect that sicknesses or other unexpected absences might have on the payroll process.
- Core Business Attention: by outsourcing a non-revenue-producing task, organizations can focus on earning activities, as well as more strategic compensation and HR functions.
- Employee Satisfaction: payroll certainty coupled with access to better benefits programs (if the benefits function is similarly outsourced) has a sizeable impact on the attraction and retention of employees.
- Compliance: while accountability may well remain with the client organization, the responsibility for payroll activity meeting up to date labor law requirements is typically covered by the payroll service provider.
How much will it cost?
The cost of outsourcing depends on a number of factors; including the size of the client organization, the number of employees, the frequency of the payroll need, the complexity of working patterns (and reward options), the particular industry-specific compliance mandates, and the exact service that is required (whether it be basic data processing and calculation on up to strategic financial input). Commonly fees are structured as a flat rate per month based on number of employees; however, we may also charge implementation or start-up fees and as well as “per check” fees.
What about compliance responsibility?
One of the benefits of outsourcing payroll is that typically the payroll outsourcing provider processes both payroll and tax filing; takes responsibility for compliance with local, state and federal legislation — all of which can provide a certain peace of mind for an employer. However, while we may contractually take responsibility for compliance, final accountability will usually remain with the employer as per the Law.
How do I transmit payroll data securely to the provider?
Exchange of data between client and provider is mostly via the internet; with both the submission of the data for pay cycle calculation (e.g. time and attendance, absences, etc.) and the corporate, manager, and employee access to the different levels of information (e.g. payslips, budgets, reports, etc.) maintained by the payroll outsourcing company. If the client has particular security worries about the internet that the provider cannot assuage, then alternative methods such as telephone and fax can be used. That said, organizations should take note that many of the speed and efficiency savings that accrue from payroll outsourcing are expedited by rapid data exchange—a process that optimally takes place through the internet.
Why will outsourcing payroll help my business?
Save time and money! By outsourcing your payroll department to us you will save overhead dollars as well as valuable time. This allows you to concentrate on your business with the confidence that your payroll will be taken care of timely and accurately.
Can I outsource my payroll any time during the year?
Yes! You provide us your historical data, and our experienced staff will do the rest to make your conversion seamless.
What kind of reports are available?
We offer an unlimited number of reports that can be customized for your business needs. These include but are not limited to payroll register, check register, labor distribution, payroll summary, and many others.