Save 18% outsourcing payroll (PwC report)
A PricewaterhouseCoopers (PwC) report (The Hidden Reality of Payroll and HR Administration Costs), states that "organizations managing payroll in-house using premise-based or hosted HR software solutions spend on average 18% more administering these functions than organizations that outsource these functions".
Below are some reasons how Softcom can make this happen.
Consistency.
As business owners are well aware, “in-house” bookkeepers tend to come and go. When you outsource payroll processing, you give yourself a “safety net.” Of all the bookkeeping and accounting functions that have to be performed by a business, payroll is the ones that are absolutely inflexible. If something happens to your in-house person — sickness, accident, a family matter or they just walk out — you can put off your basic bookkeeping until next week. Payroll, however, won’t wait.
Expertise.
Here’s a good question to ask about payroll: Are the people who process my payroll up to date on compliance issues? This is a very different question from:? Wouldn’t you like to know you’re compliant rather than just hope you are?
Saving time and money.
While cost is seldom the first question asked in conversations about outsourcing, it’s an important one. In many cases, when all the costs a business incurs in processing payroll are considered, outsourcing can save money. The other thing that happens is that the time spent in the payroll process is greatly reduced. This frees up employees for more valuable tasks. If a time management system is implemented where there was none, the savings involved often exceed the fees by several times.
Help when you need it. The advantage of outsourcing locally is that when you have a question or problem, you can call your provider directly. Considering the various reasons to outsource payroll, it could make sense for your business.
Contact Softcom on Free Phone: 1800 560 128 or [email protected] to find how we take the pain out of payroll