With the growing trend towards the businesses outsourcing and non-core features of the operations, this comes without any surprise that the payroll outsourcing services are becoming highly popular. With a lot of businesses small and large considering the managed payroll services on what benefits will be gained taking payroll outsourcing services and why the business must go through an effort of reviewing the payroll service providers? So, here we present some important business benefits to the payroll outsourcing focused for achieving goals of:
- Realizing cost benefits for engaging the payroll services firm;
- Saving time for putting back in the business operations;
- Having confidence of the compliant payroll;
- Leveraging technology offering operational benefits beyond payroll;
- Ensuring the business continuity & reducing risk.
Putting time back in the business operations
Carrying out in-house payroll is the administrative task, which scales as the business grows and isn’t the business function, which is tied directly to any kind of profit center. Ensuring compliance against the Modern Awards, Processing payroll, Time sheets & Pay Conditions all along with handling the employee queries as well as preparing reports are some functions of the payroll, which take away time from various other business functions.
When outsourcing the payroll services Hong Kong you not just only free up the administrative time for the staff but also gain additional benefit to have the payroll services professionals efficiently handling the employee queries and ensuring that your staff will be focused on the business operations & not the payroll.
Realizing cost benefits for engaging the payroll services firm
Processing in-house payroll has got the direct business cost that is attributed to financing of the payroll team for the payroll processing, maintaining the payroll software as well as managing the employee queries or pay conditions that can, in many cases, be highly reduced by outsourcing over the payroll provider. Generally, measured in the ‘per payslip’ cost, it will be just calculated by adding how many hours will be dedicated to the payroll activities (maintaining the software, processing payslips, and managing queries), multiplying it by a salary cost & dividing by number of payslips that are processed in any time.
The modern day businesses function with the workforce that is made up of the mix of part time, full time, contractor as well as casual employees that need payroll solutions to maintain the minimum pay rates, leave & public holidays, pay conditions, compensation,superannuation, tax benefits for the individual staff with a risk of litigation for the non-compliance. When outsourcing the payroll service you not just get an access to the experts who will offer advice & ensure the compliance against changing the legislation but offer access to the payroll software with several benefits.