Payroll outsourcing is not a new phenomenon – it is a well-established industry in operation for over 30 years and still growing worldwide. This blog post answers all your questions when it comes to deciding to outsource your Payroll.
6 Common Questions on Outsourcing Payroll
SMEs have concluded that Payroll is a specialised area. Outsourcing all or part of their payroll function is a no brainer. However, some business owners still hold a few reservations around payroll outsourcing. The team at PayPak Payroll look at some of the most common questions and concerns they have experienced to date:
Fearful that l will No Longer Oversee the Payroll Function?
Outsourcing the function to a provider does not mean you lose control completely – you are still involved, overseeing everything, at the end of the pay cycle, you have final sign off approving the Payroll.
There is a big difference between the management and control of Payroll. When you outsource, the Payroll is successfully managed by a provider – and you are benefiting from their knowledge, experience, and expertise at the same time staying in control.
Is it Reliable?
By deciding to use a provider like PayPak Payroll, who have experience and knowledge in your industry, it is trustworthy and dependable. PayPak is a dedicated payroll outsourcing supplier who only does Payroll and knows it inside and out. We work with clients in different sectors across small to medium-sized businesses in Ireland. We follow and adhere to strict controls ensuring Payroll is accurate and completed on time, every time. Meaning managing it yourself in-house is hard work.
I am Concerned that My Data is at Risk?
Some business owners fear that if their data is stored off-site, it is less secure, leaving them at risk. PayPak Payroll invests a great deal in top security controls. You are guaranteed, your employee data will be even more secure. Many SMEs do not have a backup system when a disaster occurs, no recovery plan established should their payroll system crash.
Is Outsourcing More Expensive?
Outsourcing payroll, in the long run, lowers costs and overheads, Payroll processing has a lot of associated costs that people are unaware of. Business owners only consider the salary costs of the in-house payroll team. But, in reality, there are additional ancillary costs which businesses overlook, i.e., IT software, IT hardware, training to keep up to date with industry and regulation changes, prices of your Payroll stationery requirements. Most importantly, you save time when you outsource your Payroll—letting you get on with essential aspects of the business – achieving goals and meeting business targets.
Resistant to Change – it’s just too much hassle to uproot current processes?
You may well be thinking it’s been done successfully already in-house, but look at it the other way what do you do when your system fails, or your employee who oversees the function is out sick or on annual leave. Releasing Payroll and using a safe and secure third-party provider will allow your team to get on with other essential business tasks, which could be more productive to your bottom line.
Through new and tighter Revenue legislation made last year, a new PAYE Modernisation, also known as Real-Time Reporting, came into effect. This system allows Revenue.ie to guarantee employees are obtaining their exact tax credits and cut-off points over the year. From January 2019, it is necessary for employers to present payroll data/details to Revenue every pay cycle. This always ensures that Revenue has the correct data on employees. Payroll software is the easiest way to complete this process.
Do you want the pressure of dealing with Government Agencies?
When you decide to outsource your Payroll, it relieves a lot of pressure and hassle—no more dealing with the Revenue/Government agencies. You are confident and assured that your Payroll Provider is taking care of everything. Along with this, you don’t have the added worry and demand of keeping up to date on changes to legislation and new statutory requirements. When you chose PayPak Payroll as your provider, we will make the transition across quick and flawless.
PayPak Payroll has invested in a secure, tried, and tested implementation process. We will work closely with you at every stage during the transition. Outsourcing your Payroll does not have to be a mammoth task as it may initially seem. Look carefully for a supplier with the experience to help you choose the solution which is right for you. A Payroll service that will be able to help you build a business case that best suits your organisational requirements. With PayPak Payroll, we have the right expertise that will save you a lot of time and money.
