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Payroll Process Outsourcing

Payroll Process Outsourcing

Businesses may hire an external firm to handle all payroll functions to save time and money, reducing the need for in-house trained payroll staff, purchasing and maintaining appropriate software packages, and staying compliant with updated PAYE legislation. Whether payroll outsourcing is cost-effective depends on the complexity of the organisation’s payroll requirements.

The service level of payroll outsourcing varies – some suppliers provide a barebones service and others will also deal with everything involved, such as liaising with HMRC and maintaining full compliance without the main organisation ever having to deal with payroll.

Benefits of Outsourcing Payroll

  • Time savings / productivity
  • Reduce costs
  • Avoid IRS penalties/mistakes
  • Team of experts
  • Enhanced securities
  • Avoid technology advancement costs
  • Offer direct deposits

Cons of outsourcing payroll

  • The Wrong Company Can Produce Errors
  • Business Owners Ultimately are Responsible
  • Paying for Services Businesses Don't Need
  • Loss of control
  • Lack of company identity and familiarity
  • Additional costs
  • Offer direct deposits