Payroll Management – Outsourcing vs In-house

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PAYROLL MANAGEMENT OUTSOURCING VS IN-HOUSE
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IN-HOUSE PAYROLL VS OUTSOURCE PAYROLL
Timely payroll management helps pay your
employees on time. It goes a long way in
maintaining a good relationship with your
employees.
You should outsource payroll to a reliable
payroll services firm if you cannot handle it
in-house. It helps in staying compliant with the
statutory regulations.
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WHO PREFERS TO OUTSOURCE PAYROLL?
Small companies with only a handful of employees
and a small budget may prefer in-house payroll
management.
Those big businesses with a large number of
employees and the budget prefer using a dedicated
in-house payroll team.
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COST PER HEAD
They can invest in an in-house payroll setup,
executive, software, computer, office space, etc.
A small number of employees means their payroll
cost per employee is high.
A large number of employees means these
businesses can optimise their investment in
payroll management. Their payroll cost per
employee is low.
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DATA SECURITY
Some owners hesitate to trust their data to a
third-party firm. Today, professional payroll
services use strict policies, software
technologies and tools to protect clients' data.
In-house payroll management helps companies keep
their payroll data under wraps. However, despite
their investment, it may still fall prey to
theft, loss, data breach, etc.
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KNOWLEDGE-BASE
The payroll services firm employs experts having
industry-wide knowledge. They ensure their
client's compliance. They enable clients to stay
focused on their core goals.
Executives in an in-house setup are primarily
familiar with their business needs. If they lack
deep knowledge, it may disrupt the workplace and
cause a loss of focus.
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OUTSOURCE NON-CORE TASKS
Today, Modern business owners want to outsource
their non-core tasks, like, payroll processing,
accounting, bookkeeping, taxation, and auditing.
Doing so enables them to stay focused, getting
more clients and generating more profits.
It is what firms offering payroll services help
them do by taking care of their payroll
management.
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CONTACT US
www.sbsgroup.com.sg
info_at_sbsgroup.com.sg
65-6536 0036