Over the recent years technology has made payroll processing function far simpler. The following may help you decided how you would like to handle your payroll function.
Factors to consider on whether you should outsource
Can You Save Money? You need to think about the long term and short term costs. For example, do you already have someone within your business that can help with this or would you have to train someone up from scratch?
How Much Time Will You Spend? You do need to consider how long this will take. Remember that any hours you spend on your payroll work is hours taken away from the rest of your business – is that something you can really afford?
What Are Your Staff Needs? It is worth giving consideration to how many members of staff you have and what their pay requirements are. If these are quite simple then handling them yourself is something that is going to be much easier to do.
How Flexible Is Your Set Up? If you choose to handle your payroll in-house then it is important to think about your business growth and how well your payroll will be able to expand to meet the needs.
Payroll Software You will need to think about the payroll software you are going to need. Do you already have some accounting software that you can work payroll into or will this be a whole brand new cost to your business?
Keeping Records Safe & Secure You will be handling sensitive data, so you will need to make sure that your in-house payroll process have procedures in place to keep all of this secure
It really is a matter of weighing up the pros and cons of each method and working out which one tick the most boxes for you and your business.
Making The Decision To Outsource Your Payroll
If you are going to outsource your payroll function, please ensure that you choose to a company that is reliable.