6 Key Reasons To Outsource Your Company Payroll
When it comes to running your business, time and resources are best dedicated to core functions that help generate profit and meet the expectations of your customers. The last thing you want to worry about is your payroll!
Administrative tasks such as payroll are non-core activities that are time-consuming and can get more complicated as your organisation grows. Due to this, approximately 47% of companies choose to outsource their payroll and it is no wonder why!
Especially if you are operating across multiple Countries in the Asia Pacific region, it is key to understand the region’s legislative complexity while recognising people today are internationally mobile and expect the same level of customer experience regardless of which Country you work from or which Countries you manage people from.
But what exactly are the benefits of outsourcing your payroll?
In this article, we will take you through 6 reasons why you should consider a payroll outsourcing company.
1. Your Company Saves Valuable Time
Whether your firm has five employees or fifty, processing payroll will demand a substantial amount of time and keen attention to detail.
When you outsource your payroll processing, you not only save money that might have been spent hiring a payroll administrator, you will be saving time by hiring an expert.
Professional payroll firms also have the experience of handling a myriad of situations from their years helping a variety of companies with their payroll. By outsourcing your payroll needs, you will save valuable time that might have been used to train up your in-house hire to get up to speed.
2. Professional Service With Better Reporting
Depending on your business needs, a professional payroll service can provide basic payroll administration or customise a more complex solution that involves regional and online pay advices to employees across the entire organisation spread over different countries.
In addition, a good payroll company will also have its own platform that will allow for better reporting and generating more comprehensive reports to cater to any analysis required.
The key “mantra” with payroll is accuracy and timeliness. In some cases, this is the only contact your employees have with the Corporate Organisation and so their customer experience is paramount to their view of you as an employer. Your employees expect and deserve nothing less.
3. Information Security & Confidentiality
The data held for payroll is sensitive and the investments required to protect that data are a must.
The security of payroll data is also an essential factor to be considered. With the introduction of EU’s GDPR laws, an increasing number of organisations are assessing the impact of them becoming the new global standard, subsequently two questions must be asked:
How safe and secure are your company servers?
How do I protect my employee’s data?
Using a credible Payroll Outsourcing Company is key to you and your employee’s peace of mind that their data is not at risk and is dealt with by a professionally qualified organisation.
4. Be Compliant With Government Regulations & Standards
When handling payroll, there are many statutory regulations and standards that have to be met.
From the accurate computation of gross to net salary and statutory deductions, there is also a need for the preparation of the year-end reporting.
The intricacies of these reporting standards will have to be timely and mistake-free to avoid potential time-consuming audits and penalties – definitely situations that every business wants to avoid!
A professional Payroll Outsourcing Company will ensure you always remain a compliant employer.
5. Enjoy Cost Savings
While your first reaction might be to either task your finance team with payroll or hire a payroll specialist, both these options can actually cost more money for your company in the long run.
Routine tasks such as calculating payroll, the distribution of paychecks (both physically or electronically) as well as the preparation of payroll taxes to the government can take a toll on an in-house team that isn’t trained to do it accurately and swiftly.
Hiring a specialist might be a solution, but you would be better off spending your revenue on hiring more profit-generating roles for your business.
6. Gain Access To Experts Beyond Just Payroll
When you outsource to a professional payroll processing company, you will also gain access to a team of experts that can help answer your immediate questions and handle any situations that might arise with pin-point solutions.
Payroll processing companies such as Boardroom have a wealth of complementary services such as corporate secretarial and accounting services that are just a phone call or email away.
At Boardroom we also offer consulting and advisory services to solve any challenge your company might face when it comes to running the non-core business functions – these include employee plan services to expatriation services.
Looking For A Trusted Payroll Partner?
At Boardroom, we are experts in helping companies, from corporations to fast-growing SMEs, with their payroll, allowing them to focus on what matters – growth and profitability.
From local payroll services handling to managing substantial payroll obligations for bigger companies spread across Asia-Pacific, we help companies comply with local statutory regulations while ensuring their most valuable asset, the employees, are paid on time.
Contact us today and empower your organisation with greater freedom through our payroll solutions.
Or you can also learn more about our payroll solutions here.
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