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4. Speed. Speed is essential matter in the payroll processing, because most of the times there are deadlines involved. When you outsource your payroll in most of the cases you work with specialists and professionals who have a vast experience, modern software and a lot of other resources which make their job easier and more convenient.
5. Productivity. Payroll management is a very time-consuming activity. If you decide to do it in-house you should be ready to sacrifice other more vital activities in the company which will be put on hold when the time for the payroll processing comes. If you are outsourcing than you will be able to concentrate yours and your team’s efforts into more important for your company activities.
6. Accountability. If there is a problem with the payroll or if, for some reason, there are repetitive mistakes with the paychecks or the other paper work, you turn to your payroll provider. If they cannot handle the situation you switch to another provider in a snap. Try firing, hiring and training an in-house payroll staff in anything less than several weeks or even months.
7. Insight. Payroll is heavily tied to the country’s labor and tax legislations which are very dynamic and sometimes not very clear. There are some cases which are arguable and can be treated differently. Nevertheless, the good payroll provider will know all the payroll-related tax laws and regulatory mandates on the state and local levels, as well as, any changes that influence directly and indirectly the payroll processing. Good payroll providers also are very well trained and have a very good understanding of different sophisticated payroll software. You can try to teach and train your employees to reach the same level of competency, but you should be prepared for a serious investment.
8. Security. Do you have the time and energy to closely supervise your business’s payroll for time and rate abuses and other shady activities? Most payroll services firms have technologies that can spot and alert clients to various types of payroll fraud, such as payment manipulation and “phantom workers.”
9. Flexibility. Boring, repetitive payroll work can act like an anchor on your business. Your staff, when freed of rote payroll responsibilities, will be free to focus on other, more creative work.
10. Worry. There’s a lot to be said for the peace of mind that outsourcing payroll services can bring to a business owner or manager. No headaches, no hassles: You’re left to focus on running a profitable business.
