If you’re thinking about managing your payroll in-house, there are some key costs you need to consider. Payroll cost will of course vary depending on the number of employees you have and your individual circumstances, but there are some general approaches you can take to get an idea of costings.
What Are The Costs Involved With In-House Payroll?
It’s estimated that businesses spend 20% extra on in-house payroll compared to outsourced payroll services. When you’re a small business that kind of percentage can be considerable.
When you’re handling payroll yourself there are a lot of costs to consider. First, there’s the hardware and software investment required, then you need to ensure ongoing training to keep abreast of developing legislation and compliance requirements. On top of that, you will also need to have measures in place to correct mistakes if they arise, in the most timely and efficient manner possible. All of this can drive the average payroll cost per employee up when you’re handling it in-house.
When handling your payroll in-house, you are using employees that could be much better served in other areas, allowing your business to grow and function more efficiently. When you outsource payroll you’re unlocking your employees’ potential.
Does Outsourcing Save You Money?
So how much does a payroll company cost? The answer is that it’s much more affordable than you think. When you consider the fact you don’t need to invest in hardware, software, data security or storage, nor ongoing training, it brings the payroll cost per employee down considerably. Then you have to factor in the fact that you have access to regular support when you need it. Add to that the peace of mind you’ll get from knowing your payroll is being handled to the letter of relevant industry legislation.
All of these things make outsourced payroll much more affordable in comparison to handling it in-house. One of the biggest benefits however is that, simply put, it’s a lot easier to let an external company handle it for you. When you choose a trusted team of payroll specialists to work with, you’ll be able to ensure your payroll is handled reliably without having to make any extra effort.
Is It Time To Start Outsourcing Your Payroll?
If you want to save money, time, and effort on your payroll systems while also increasing the accuracy and reliability with which they’re managed, it’s time to start outsourcing. Contact eSlip Payroll today to learn more.
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