In-house payroll versus outsourced payroll
More and more companies are opting to outsource their payroll these days, but what are the benefits of doing so and do they outweigh the benefits of handling it in-house? Listed below are some of the key benefits of each approach to help inform your decision.
Benefits of in-house payroll
Keeping payroll in-house gives business owners full control over how their employees are paid. Doing so:
- Gives you instant access to data if you need to check something in your current or historical pay runs.
- Keeps all information confidential within the company.
- May be cheaper if you already have trained staff, although the software can be expensive.
- Allows you to customise your payroll to the specific needs of your business.
Benefits of outsourcing payroll
Outsourcing payroll will free up your staff to concentrate on other important aspects of the business. Doing so:
- Saves time and money, as the outsourced payroll provider will have the latest software and highly trained staff who are dedicated to payroll duties.
- Improves accuracy and reduces errors as a general rule, ensuring that your employees are paid the right amount at the right time, with the correct deductions made.
- Gives you a professional yet personal service, ensuring that their service is tailored to your needs rather than being a one-size-fits-all package (providing that you choose the right provider).
- Should ensure that any information you share is properly recorded and kept confidential, as per your contract agreement.
Source: Trace Payroll Services
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