With these 4 significant benefits, payroll outsourcing will help you effectively steer your business in the right direction.
Payroll operation is not just about accurately calculating and paying your employees. It requires more time and effort to learn about local laws, ensure all processes are compliant and protect your employees’ confidential data. In fact, it’s a task enjoyed by few. Is this why companies use payroll outsourcing services?
There are more factors that drive companies to look for assistance from a payroll outsourcing firm:
Time and cost-saving
For all businesses, time is, literally, money. Payroll processes, however, are repetitive and detail-oriented works that are unlikely to generate any profit whilst still demand considerable time to deal with them accurately. As your team grows, these administrative tasks eventually become more time-consuming. Each payroll task, such as calculating monthly payroll, distributing payslips, maintaining payroll records, preparing tax reports, updating personnel status or handling employees’ queries, etc. can take your time away from core business operations. Also, hiring, training and retaining your employees in the payroll team require a lot of effort, time and money.
By using the payroll outsourcing service, you can free up your employees to focus on more value-added and profitable activities.
Ensure compliance with the government regulations
The modern workforce could be a mix of permanent, temporary, part-time and contractor employees, with separate minimum pay rates, compensation, pay conditions and tax benefits. Meanwhile, government laws and regulations are changing constantly and it’s likely impossible for the uninitiated in-house HR team to always stay on top of these changes. More importantly, any mistake in payroll operations can lead to audits and costly penalties, which can hurt your business’s profit and reputation.
Hence, why don’t you put these hassle in the hands of experts? understand the laws, and it’s their business to keep up with all legislative updates. They can ensure the accuracy and compliance in all business procedures, and help you stay updated with local regulatory changes that could affect your business.
Guarantee data security
In-house payroll comes with risky situations that you should consider, including identity thief or records leaked by people who manage the payroll. Aside from employees’ trust issues, you’ll need to guarantee whether your payroll software is secure or not and if your data is saved on a reliable server and network.
Payroll outsourcing service will help you effortlessly solve this nagging issue. These firms provide highly-secure, cutting-edge technology to ensure the privacy of your employees’ information. You’ll be confident that your confidential data is stored and protected from cybercrimes and leakage since this is typically considered as part of the service offered to clients. Attempt to invest the same level of security for in-house payroll operation would cost you a significant amount of budget.
Access to more services
Not only about standard calculating and paying your employees, but some payroll outsourcing firms also provide a variety of additional services that can fulfill your unique needs. For example, here at Adecco Vietnam, our experts assist clients with contract generation, tax and other statutory reports, social insurance, and compensation payments, maternity leave coverage, reference check, general staffing, specialized recruitment and back-up service for annual leave or sick leave. Hence, you can identify the most necessary services and tailor a plan based on your specific requirements.
An outstanding payroll outsourcing provider will deliver highly customized solutions to mitigate your redundant tasks and utilize your resources in revenue-generating activities. If you are ready to find out how an outsourcing firm can benefit your business, contact our payroll experts now via email firstname.lastname@example.org or our telephone (84) 28 3636 5811 (Ho Chi Minh City Office) or (84) 24 3218 1190 (Hanoi Office).