Nearly all companies rely on payroll – from small businesses to global enterprises – to ensure employees are compensated for their work. The more employees a company has, the more complex the process becomes. One of the largest expenses that companies face, payroll relies on accurate record keeping and accounting to ensure your business also complies with legal requirements. Even though many companies have staff to manage payroll in-house, evaluating in house payroll vs outsourcing highlights many benefits of turning to an external service provider for this responsibility.
Benefits of Payroll Outsourcing
In the comparison between in house payroll vs outsourcing, the benefits often weigh in favor of the latter choice.
- Scalability: By outsourcing payroll, companies can enjoy greater flexibility. With in house payroll staff, as the company grows, managing the required reporting and compliance can become exponentially more difficult for a small team. Rather than hiring more employees, outsourcing payroll to a partner like Corban OneSource, which services companies with 75 to 6,000 employees, the level of service can be easily adapted to manage payroll for a growing workforce. If you need to downsize, outsourcing reduces the number of employees that would need to be let go.
- Compliance: A payroll partner can ensure you meet all compliance requirements associated with payroll. Outsourcers stay up-to-date with any changes to employment laws which reduces the compliance burden and risk placed on the shoulders of your HR staff. It also reduces the risk of mistakes as there are professionals dedicated to managing payroll.
- Control Costs: Outsourcing payroll processes can help you control costs. Hiring payroll specialists can be costly, but outsourcing often is the most cost-effective option. At the same time, partnering with a payroll provider ensures that everything is done compliantly, which eliminates fines and penalties that result from payroll errors.
- Save Time: By outsourcing payroll, it frees your staff to focus on more strategic priorities. With a payroll partner managing the onboarding of employees, reporting, and other essential tasks, the amount of time spent on these redundant administrative tasks is greatly reduced. Plus, if companies outsource other HR functions, the amount of time saved begins to add up significantly.
Still, some companies fear that by outsourcing payroll, they have less control over the process. However, that is not the case when choosing a partner like Corban OneSource. When companies find the right partner to manage payroll, the partnership becomes an extension of their team. Additionally, the right outsourcing partner will be available to address questions or concerns whenever they arise. When outsourcing to Corban OneSource, with experience working for companies with between 75 and 6,000 employees, help is always a call away. Corban OneSource provides transparent support and guidance just as an internal payroll department would.
Ultimately, outsourcing payroll is a strategic decision for many companies. Companies that evaluate in house payroll vs outsourcing can quickly understand the many benefits they can leverage when partnering with a trusted payroll provider. To learn more about how Corban OneSource can help you streamline your payroll process, get in touch with our experienced team today.