by Charlotte Gurney
Cost saving is a key priority right now. The past year has been challenging for many organisations and reducing spend can free up resources for growth at a time when this is most needed. Payroll is an area that many businesses waste significant resources on. There are a range of benefits to outsourcing this function, not just with respect to cost savings but also peace of mind.
The obvious cost benefits
If your business needs to save money, outsourced payroll is significantly less of a cost burden than maintaining an in-house team. Where this is being managed on a skeleton basis in-house it could be taking up much more of employee time and resources than is necessary and the savings – in terms of time and money – could be significant by switching to an outsourced service.
Ensuring continuity of service
Time off is a difficult landscape to navigate right now. With staff trying to negotiate last minute holidays, deal with the requirement to self isolate or being off sick with COVID, or other illnesses, there are plenty of challenges to business continuity. Where payroll has been outsourced this is one less challenge to deal with, as continuity of service is ensured with an external team.
Payroll can create all sorts of headaches, especially if your team is inexperienced or doesn’t have the right resources to do the job. Outsourcing the process to an experienced team of specialists can bring much greater peace of mind when it comes to the way that your essential business functions are being managed. You may also find that this triggers an increase in efficiency and ensures that less time is wasted on actions connected to the payroll process.
Removing the burden of resources from your business
When payroll is being handled off site you no longer need to worry about the supporting infrastructure for this essential process. Everything, from training staff to buying in hardware and software or managing upgrades and support is no longer your problem. Instead, this is handled by the specialists you have outsourced the payroll work to, leaving you with additional time and resources to focus on other areas of the business.
Security and data compliance
GDPR changed the landscape where data security is concerned and payroll data that isn’t handled in a compliant way can cause big issues for any organisation. Outsourcing the payroll process provides an opportunity to upgrade your approach to compliance, to ensure that employee data is as secure as it can possibly be and that nothing is being compromised during the payroll process.
With years of experience and specialist expertise outsourcing your payroll to a partner can help to improve the confidentiality of the process and ensure that staff don’t have any cause to complain where their personal information is concerned.
Outsourcing payroll is one of the simplest ways to make cost savings for your business. From reduced spend to improved compliance there are many benefits involved – so why not contact Volt today so we can manage your payroll and provide you peace of mind.