Guides on Human Capital Management

The Benefits of In-House Payroll Processing

Here you'll find a variety of guides, whitepapers, and eBooks that cover a wide range of topics on HRIS, Canadian Payroll, People Management, and more.

Issue link:

Contents of this Issue


Page 0 of 4

T H E B E N E F I T S O F I N - H O U S E PAY R O L L P R O C E S S I N G 1 I Save Time, Keep Your Money: The Benefits of In-House Payroll Processing Managing your payroll processing in-house vs. an outsourced provider may seem like a difficult decision. Considering payroll's significance to your organizational health, there's good reason to be mindful when making the choice. The truth is that outsourcing your payroll isn't as convenient as you think. In theory, the idea of outsourcing your payroll is alluring. You get the work done on your end and hand it off in time for payday. Easy, right? Not really – not when you have to deal with time-consuming workarounds, programming fees, and additional, unprecedented payroll processing costs. There's something to be said about an entire payroll system accessible to your company's internal payroll team. Greater control, minimized costs, and saved time are just the tip of the iceberg. Taking ownership of your payroll with an in-house solution empowers you to meet your organization's complex needs in your own way. Maybe it's time to go in-house? Quality Control Mistakes can be easy to make but difficult and timely to rectify, especially when a company forfeits control of its payroll remittances. Mistakes are going to happen, that's a given, but why trust your payroll to an external party? Your internal team already prepares the documentation, the only difference is who's making errors. In a recent survey, almost 50% of payroll professionals said they outsource payroll, yet 75% perform remittance reconcili- ations. There's something wrong with that picture. Outsourcing the payroll process means outsourcing errors and miscalculations like delayed payments and deductions and inaccurate compensation. But who is still on the hook for compliance? That's right, it's you. 75% of payroll professionals surveyed say they perform remittance reconciliations, including those employing outsourced payroll solutions. CPA NPW 2018 PROFESSIONAL RESEARCH SURVEY

Articles in this issue

Links on this page

view archives of Guides on Human Capital Management - The Benefits of In-House Payroll Processing