4 reasons to outsource payroll

June 17, 2019 3:06 pm

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Manually handling human resource matters such as payrolls and attendance taking can be very time-consuming and prone to errors.

This headache is exacerbated by the fact that most companies require payrolls to be generated every month.

There is an easy solution for this: outsourcing your human resource workload!

Survey Results by National Small Business Association (NSBA)

A survey by the National Small Business Association (NSBA) showed that close to 60% of businesses still use an internal payroll system.

Nearly 1/4 of these businesses spent over 120 hours on payroll a year!

Survey Results by National Small Business Association (NSBA)

A separate survey by Deloitte revealed that more companies are choosing to outsource payroll, with more than 72% satisfied.

As technology improves, payroll software is growing to handle companies with more than 20,000 employees.

If you are on the fence on whether to outsource your payroll, here are 4 reasons that will tip you over the fence!

1. Time and Money

When you outsource your payroll, your management will be able to focus more on building and growing your business.

These mundane tasks are prone to human-error and often cause employees to make careless mistakes.

Gone are the days where you have to meticulously check every excel sheet for errors before submitting for payroll.

More time then has to be spent resolving these additional issues.

With automated payroll, payroll will be error-free.

Employees will spend less time doing repeat work and more time directing their focus on more important tasks.

2. Convenience

Having your payroll, leaves, attendance etc. all within one online software is something you never knew you needed.

No longer will you have to scramble to find the specific copies of documents when your manager demands for it.

A good payroll software will have such functions within a few clicks.

A payroll software will generate beautiful payrolls to your liking. (Payboy offers a fully customizable payroll!)

Aside from ease of accessing data, managers can easily view leaves and claims before accepting/rejecting them.

Any errors in applying can be quickly rectified with the employees.

Never again will you have to look for payslip templates online that do not fully cater to your needs.

3. Data Storage and Security

Safety and security are important when managing payroll.

With payroll software, all information only has to be logged ONCE.

You can then put your mind at ease knowing that the data is safe, and your company will be prepared when payroll is required at the end of the month.

There is also no worry that data will go missing as everything is stored safely with back-ups made.

For basic security, you are able to limit access to the relevant personnel while employees only have access to their own account.

In 2018, Marriott International announced that their database had been hacked.

Over 500 million customers’ personal information was leaked!

Putting your information in a good software can prevent this, as GOOD payroll companies will ensure that privacy and security is a priority.

4. Professional Help

We have already established that payroll itself takes a lot of time to complete monthly.

On top of that, companies need to adhere to rules and regulations set by the government for employment as well as salary to avoid hefty fines.

This is the bread and butter of payroll companies, so why not let the professionals handle it?

The software will take into account all these rules and cater for them.

You can also be sure that any updates on such regulations will also be covered.

Well-informed customer service is also readily able to provide help with the software.

In conclusion, outsourcing your payroll can solve your HR problems and easily automate tedious processes while maintaining security about your payrolls. It’s no wonder many companies have switched to payroll software!

Still on the fence? Payboy is a conclusive human resource management software which handles all your HR needs, and we offer a free trial which allows full access to all our features.

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This post was written by Payboy