04 May 3 myths about outsourcing payroll debunked
Some businesses are hesitant to trust outsourced payroll services due to the number of myths and misconceptions that circulate the industry. In order to shed some light on the benefits of outsourcing your payroll, we’ve debunked some of the most common myths about payroll outsourcing.
Payroll outsourcing is a waste of money
Outsourcing payroll services is an investment for your business and can actually save you money in the long run. A reliable outsourced payroll service can cut down on direct costs such as data security and infrastructure, as well as indirect costs such as HR/payroll expertise and compliance. With a trustworthy outsourced payroll provider, you could cut your business costs by as much as 20%, not to mention the amount of time that you will save. An expert payroll provider will assist any financial decisions you make for your business thanks to powerful analytics and real-time calculations.
Payroll outsourcing poses a security risk
Rather than leaving your business vulnerable to attack, hiring a professional outsourced payroll company can actually strengthen your security measures. The resources and costs required to establish a comprehensive security protocol for businesses can be difficult for some organisations to handle, but a professional payroll service can offer a number of solutions to bolster your security. A reliable outsourced payroll provider will provide protection, storage and confidentiality for your important data while complying with GDPR legislation. In order to check that your outsourced payroll provider incorporates adequate security measures, take the time to check if they have ISO27001 certification.
Outsourced payroll solutions are rigid and take away control
A trustworthy outsourced payroll provider will make sure that they put time aside to understand the unique requirements of your organisation and its staff to provide a payroll solution that meets your standards and expectations. A reliable provider will also give you the correct tools to address issues such as international pay and complex legislation while giving you insight and control over payroll analytics and functionality, as well as 24-hour access to your important data when you need it. With an outsourced payroll provider, not only is the power in your hands but you also have the freedom of scalability to take care of your workforce in the future.
If you’re looking to reap the benefits of outsourced payroll services for your business, get in touch with our team at SQK Accountancy today.