Sep 2021
22
Every business must have payroll in some form or another. It is arguably one of the most important HR responsibilities for any employer. You must process payslips and payments correctly on time, every time. Payroll mistakes can leave you at risk of hefty fines, and so traditionally, payroll has been one of the most outsourced processes in the business world. However, managing payroll in-house is fast replacing the tendency to outsource the role, as cloud automation continues to simplify and streamline a once difficult task.
Naturally, one of the biggest advantages of processing your payroll in-house is the level of control you’ll have over the entire process. This means you can be more flexible with last-minute changes to timesheets or quickly correcting errors. It also may be more cost-effective to run payroll in-house as the cost of payroll software becomes ever more affordable. Businesses can save money by bringing their payroll in-house compared to outsourcing to a third party.
An in-house payroll process means you can keep all your employees’ information private. Some employers feel more at ease by controlling who can see salaries, benefits, bonuses and other sensitive employee data. Interestingly, the number of global companies with a fully outsourced payroll function dropped by 7% in just two years. It’s clear that attitudes towards outsourced payroll are rapidly changing in favour of an in-house operation.
So, what about other benefits that are not so obvious? Fortunately for HR professionals, cloud innovation can have a big impact on workflows, especially when it comes to the crossover between HR and payroll tasks. Read on to find out four ways your HR department can benefit from managing payroll in-house.
If your business is curious about how an in-house payroll solution can make your payroll process easier, book a demo today to discover how BrightPay can streamline and automate many of the day-to-day payroll and HR processes.
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