Do not allow anyone to try to tell you that there is something wrong with payments outsourcing. This is a common myth shared among a large swatch of the population. However, nothing about this is true. As it turns out, outsourcing payroll can actually be a very big cost saving measure for most companies.
The Real Cost Of In-House Payroll
An in-house payroll department is very costly to any company, particularly a small and growing business. The fact is that a payroll department requires a whole host of employees. Those employees all have to be paid as well. They also require benefits and could even be sick or out of work for days at a time.
Paying to have a fully staffed payroll department at all times is quite expensive to businesses. Thus, it is a good thing that there are outsourcing options available to companies.
It Isn’t Just About The Costs
While the costs are often the first consideration that one makes, they are not the only thing that matters. Accuracy is another important consideration, and another great reason to go with an outsourced provider. Hrworld.com puts it this way,
Payroll mistakes can be painful, angering employees and — more ominously — the government. A good payroll-services provider is far less likely to make a serious error than your in-house staff. Furthermore, if a big mistake is made, you can seek financial restitution from the provider — something you can’t do with your own employees.
This is in fact an important consideration to make. Risks abound for those who put too much trust in their own payroll department. Instead of doing this, why not try an outsourced provider?
Finally, if you are not yet convinced that outsourced payroll is the right move for you, think about all of the special services that they can offer. For example, a lot of outsourced providers will offer direct deposit. Employees generally like having these kind of features for their pay. It makes things easier on employers as well, so it is a good idea to investigate.