The benefits of opting for a managed payroll

When it comes to working out and distributing salaries, companies have two choices: in-house or managed payroll.

The first of those options means that the internal HR department handles it, while the second involves outsourcing it to a third-party. This blog will outline some of the benefits of opting for a managed payroll.

Saves time for the HR department

Handing over responsibility for your payroll to outsourced employee HR services will lighten the load for your internal HR team. It will give them more time to concentrate on core activities of the business, such as recruitment, workplace policies and growth strategising.

Ensures legal compliance

There are a lot of regulations and laws connected to payroll, covering both employment and tax issues. It will be a great deal of work for your finance and HR departments to stay on top of any changes to them – and mistakes can prove costly. Using professionals from outside will ensure full compliance at all times.

Can cut business costs

Some companies resist the idea of a managed payroll because they are focused on the fee they will have to pay. That is the wrong way of looking at things though, because the overall cost is often less. You will not have to pay for the software needed to manage the payroll and ensure data security, or for the staff or training.

Here at FiveRivers Consulting, payroll management is one of the many services that we offer. Why not give us a call and find out how we can help your company.