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FAQs (Payroll)

Does outsourcing payroll cost more than doing it yourself?
Is it more productive to outsource payroll?
Do I need to be concerned that an outsourced provider will not be as accurate as our own payroll staff?
Is an outsourced provider less reliable than my own staff?
Is an outsourced provider slower or faster than in-house staff at processing payroll?
Our business segment is very specialised and needs specialist knowledge to ensure accurate and timely payroll, how can an outsourced provider compete?
Is the outsourced service provider’s service secure?
        Loss of data
        Confidentiality
        Payroll Fraud
Does it take more time for the senior manager to manage a payroll provider than internal staff?

 

Does outsourcing payroll cost more than doing it yourself?

In a word no. There's a very good chance that you can save money by outsourcing your payroll operations. Do the math. Figure out how many hours your employees are devoting to payroll-related activities, calculate how much you're spending and compare the amount to the plans offered by several payroll-services providers. Also, be sure to factor in the money your business spends on payroll software and other tasks like printing and distributing cheques, creating tax documents, and the like. You'll probably be surprised by the result.

Is it more productive to outsource payroll?

Yes. It is not just about all the time it takes to do the payroll, but when it is due to be done. At this time all other tasks take second place. Your staff could be working on solving a client’s problem or developing new business. Which type of work is more valuable?

Do I need to be concerned that an outsourced provider will not be as accurate as our own payroll staff?

No. A good payroll-services provider is far less likely to make a serious error than your in-house staff. An outsource provider does nothing else, they can more easily become experts and maintain expertise than you can.

Is an outsourced provider less reliable than my own staff?

No. In-house payroll is as reliable as the people doing the work. With a payroll service, output speed and quality won't vary in accordance with holidays and illnesses. You also won't have to spend time helping new hires understand your business's payroll system. You don’t pay for the “learning mistakes.”

Is an outsourced provider slower or faster than in-house staff at processing payroll?

They are faster. Since payroll-services providers are specialists with vast technical resources at their disposal, they can process even the most complex payrolls at greater speed. 

Our business segment is very specialised and needs specialist knowledge to ensure accurate and timely payroll, how can an outsourced provider compete?

A good payroll-services provider will know all the ins and outs of payroll related tax laws and regulatory issues within your segment. They do it for more than just one organisation. Your employees could try to achieve the same level of understanding, but it would take a considerable investment in time and effort with the likelihood of more “learning errors.”

Is the outsourced service provider’s service secure?

It is certainly more secure than an in-house solution – by a considerable margin.
Loss of data
Outsourced providers are better at doing, storing and restoring backups than internal solutions.
Confidentiality
A CEO’s worst nightmare is staff learning what each other earns. He/she knows that they will be dealing with the fallout for weeks. A payroll outsourced service greatly reduces this risk.
Payroll Fraud
Payroll fraud is where payroll staff carry out a fraud on their own in collusion with some staff. You take away nearly all the risk when a third party is responsible for the processing, in this case you trust a company which has more to lose than an individual, and it is more difficult for collusion to take place.

Does it take more time for the senior manager to manage a payroll provider than internal staff?

No. You manage the payroll provider on the outcomes of payroll, not on processes. You will have a Service Level Agreement (SLA) that states when payroll will be done and how problems will be resolved rather than having to examine and fix processes. A large headache is taken away from management to allow them to focus on what is more important to the business.

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