An efficient payroll system is critical to your business. You can perform this task in-house or outsource it to a third party vendor. Here’s a quick look at the pros and cons of both alternatives.
Going the in-house way
The Pros
You may choose to process payroll internally using an online payroll system such as greytHR. The key advantage of opting for such an in-house system is total control over the process i.e., over both the accuracy and cost aspects of it. It is of note here that this usually calls for only a small investment from your end.
To break things down a little more, it can be said that performing payroll internally allows you to:
Catch errors in the output quickly
Manage your own data, eliminating worries surrounding data security
Integrate your payroll with other systems using an advanced payroll system such as greytHR, which creates additional efficiencies
Customize the process to meet the unique requirements of your company
The Cons
Do you have the necessary skills within your organization to process payroll in-house? This is the primary question companies ask before taking up the payroll process internally. If you find yourself answering in the negative, ways will have to be found for the necessary training to be provided to the personnel in-charge.
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Payroll outsourcing
The Pros
Trusting your payroll to experts, no doubt, has its advantages too.
Outsourcing payroll saves you time. The business hours spent on payroll processing and associated tasks such as making remittances to authorities and report generation and submission can be put to use performing other, more strategic tasks.
A payroll outsourcing company is in a better position to ensure accuracy and consistency, especially with the growth of your company.
Outsourcing also ensures timely tax payment
The Cons
Choosing a payroll outsourcing company that has not dealt with the intricacies of your industry can result in inaccuracies. Reversing the damage caused can be costly, time-consuming and an administrative headache.
The trap of all-inclusive packages that often comes with opting for an outsourced payroll solution can result in you paying for services that don’t benefit your organization.
It is the age of information and information is, indeed, power. Payroll data is critical data. Data security and confidentiality may be compromised, with data moving out of your organization. This includes not only payroll data but other sensitive data such as medical records, for instance, which are linked to payroll and need to be passed on the outsourced payroll solution provider.
On that note, why not try out an advanced, online payroll solution such as greytHR to meet your ever-growing payroll needs? greytHR is built on decades of experience and understands the true pulse of the market. It brings you a host of advantages such as 100% statutory compliance and value-added modules such as leave and attendance management which address the most pressing needs of small and medium enterprises across the country and in a steadily growing number of international markets.
Opt for greytHR now and experience automated payroll processing at its best.
