Correct me if I´m wrong but I think that outsourcing payroll is not so widely spread among companies as they still do their accounting in-house. As the outsourcing per se has its advantages so does outsourcing of payroll processing. Below I´ve listed couple of important factors you should consider if you´re running a firm and thinking about outsourcing your payroll agenda.
Outsourcing your payroll allows your information to stay confidential, secure and not seen by anyone not permitted. Another great thing is that companies providing external accounting are insured better so you don´t have to be scared of any penalties or lawsuits. And even if there´s a mistake in your accounting, the only responsible one is the accounting firm. That´s a great deal of safety for you not having to undertake any risks. Also, you don´t have to stress over the deadlines and fill your day with more enjoyable tasks than calculating payrolls. It is their job to do it properly and they do. You still can control and see how is your accounting being done, many companies offer you 24/7 access to your data.
While you´re outsourcing your payroll you´ll in all probability gain access to technology much advanced than yours as it might be better software, computer or else, even the personnel in accounting firm is way more experienced as they´re not distracted by anything else, focusing their energy merely on the accounting processes. But even your employees will benefit splendidly from your decision of outsourcing payroll. You´ll be better off and you don´t have to hire new people or ensuring they get proper training. They´ll have a one task less in their workday therefore they´ll be relaxed than ever as well as productive. At the end of the day you´ll get experts managing your accounting plus happy employees.
As I´ve mentioned earlier, while you let external firm do your accounting you´ll have no necessary need to hire your own staff or invest in advanced technologies. You don´t have to pay accounting company on a daily basis as you do with current employees but only for an amount of work they do. You´re free of paying any social securities, taxes etc. Outsourcing payroll is suitable more for a smaller business as the big ones have no worries about financing their own in-house accounting and while our line of business is aimed at medium sized companies we can easily understand your situation. Outsourcing your payroll is another possibility how you can run your company without spending too much money on something when you could invest it in improving your business as a whole. Other of that, you don´t have to lease an office space and due to costs of renting an entire office, this is tremendous advantage. You must admit that when all of your payroll duties are responsibility of external firm, you´ll save as much money as a time. But then again, time is money.
Whether to continue with your in-house accounting or rather choose outsource it is open to question. It is, of course, that solution of outsourcing doesn´t have to fit perfectly to every other firm but to relatively small companies I´d recommend it as it has countless benefits which I´ve tried to merged into these three short sections. And if you´re still in doubts, you can ask either google or us for more specific information.