Choosing your company’s payroll system
All businesses should have, at least since the abolition of slavery, one thing in common; that is their employee’s getting paid. Yet, despite the widespread nature of this, the whole payroll system is rather complex. Maintaining an up to date and fully accurate payroll system entails keeping up to date with current tax laws and regulations, a full accountability for all those in your employ and books and records being kept so as to avoid governmental fines. Due to the complicated nature of payroll systems there are several options a company could plump for; they can either run in house by hand, by software or through outsourcing.
Outsourcing payroll has many benefits for businesses of all sizes, particularly those that are constantly busy. Although the service does require a regular maintenance fee many companies have come to the conclusion that in the long run this option could potentially save money; fines for inaccurate accounting can constitute far larger sums than the cost spent on professionals handling a company’s payroll.
An obvious benefit that comes from payroll outsourcing is how much man power is saved for a small business. Staff members are not sidetracked towards completing payroll when they should be getting on with the task at hand; making the business as productive and as profitable as possible. Not having to worry about incorrect completion of a payroll, and the legal problems this could cause, also allows staff members to be less stressed in other areas of their work. This is one of the many reasons smaller businesses in particularly are assigned to third party specialists.
However, there are other options for companies who decide to take on the payroll themselves. The most obvious is the money saved from not having to pay a regular fee to a third party. However the use of payroll software would require lots of training for staff members on how to properly use the programme – it is necessary that a very minimum of two people can use the software too in case either of the individuals had to take time off for leave, holiday, sabbatical or other. If only two are trained and are both absent at the same time then this could lead to a meltdown in a company’s payroll. This is one of the reasons many companies plump for a third party payroll provider – the issue of illness is not something that will ever arise.
A final option for companies who want to keep their payroll options in house would be to manually fill in payroll away from the option of computer software. Whilst this system may appear the simplest of the three it is also the most time consuming and easiest way to make mistakes which may remain on file for the longest of time. Additionally the physical output this system requires, with masses and masses of paper work, is both cumbersome, hard to order and hard to maintain. A similar problem to the payroll software can arise too – whoever is responsible for payroll in house must never take a day ill otherwise the whole pay structure of the company could collapse at the least temporarily. For these reasons many companies decide to look to the professionals for payroll services.
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