Many businesses have long endorsed outsourcing of certain functions, that are essential but don't often directly correlate with strategic business matters. But here we specifically explore the benefits of outsourcing payroll for temp recruitment agencies and what those benefits could mean in the longer term.
So what is there to gain? Is it worth the time to explore the outsourcing options out there? A resounding yes would be the answer!
Advantages of payroll outsourcing...
1. Free up your time and that of others in your team in this area. Allowing you to focus on essential and money-making tasks, plus future growth opportunities. If you consider how much time is spent on the payroll internally, and any issues/errors to be dealt with after, it would be considerable
2. Increase accuracy of payroll processing and decrease errors and risk, giving you access to experts in their field and ensuring complex tasks are completed thoroughly
3. Reduce costs, when considering the elements needed to run payroll - including the necessary technology, printer, ink, paper, expertise to list just a few!
4. Remove the need to personally stay on top of legislative requirements and tax procedures. Plus the training (and retraining as people leave) and the monitoring this would require
5. Beneficial complimentary services such as a technology platform. You should have access to a versatile agency software package to base your business admin around. Helping with work flow, efficiency, reporting and compliance amongst other elements
6. Cost flexibility - you only pay for the service levels used
7. A secure and reliable offering, with good controls in place
You can outsource your payroll or full back office at any time. Doing so from the outset has the benefit of ensuring you have efficient processes in place from the start, giving your agency a greater chance of success with a competitive edge.