Why Is Outsourced Payroll Often Considered More Secure?
When it comes to processing payroll in-house, errors are more common than you might think, and they come at a cost. It is common for businesses to overpay employees due to inaccuracies in time records, and inaccurate tax filings lead to penalty fees. Furthermore, new GDPR regulations offer big and important changes in how companies process data, affecting the large chunk of personal data that goes into processing payroll. Businesses that do not comply with the regulations will receive fines. Tax codes are also frequently changing, as are new legislations for employees to keep on top of.
Not only are changes to regulations affecting payroll frustrating and hard for staff to keep up with, but the slightest mistakes such as late or incorrect tax filings will result in hefty government fines. Instead of spending time and resources keeping staff aware and up-to-date on new processes, and implementing them yourself, outsourcing payroll to a third party allows reliable experts to do it for you.
Staying Up-To-Date With The Most Recent Payroll MethodsThird-party companies that outsource payroll often provide a lot of peace of mind to businesses, taking away the stress and responsibility of staying up-to-date on regulations, lessening risk and heightening security.
When outsourcing payroll services, the third-party companies have experts in the field dedicated to just accurately processing payroll, and specialist technology that ensures accuracy. These experts are the first to know about any changes made to tax codes and any legislation that will affect how payroll is processed, and they can implement this for your business quickly and thoroughly. Furthermore, outsourced systems ensure that data is protected by state-of-the-art systems that are fully compliant with the latest government regulations, including GDPR.
Outsourcing Companies Are Always On Top Of SecurityThere are many security risks involved in payroll processing, from backing up payroll data, to handling sensitive records, ensuring compliance with government-enforced regulations and dealing with any security issues. The risks are far greater when processing payroll in-house as it is often not the sole responsibility of one dedicated employee to just deal with payroll. Employees usually have other business targets to meet alongside their payroll duties.
It is the job of outsourced payroll companies to follow all safety audits, always staying on top of security. Employees working for outsourcing companies don’t have other business tasks or targets unrelated to payroll processing to tend to, they are just committed to securely processing payroll for your company. This also opens up opportunity within your business for employees to spend more time on business productivity, marketing, growth and more.
Outsourcing your payroll to a third-party company that is dedicated to compliant, secure and efficient payroll processing allows for fewer risks within your business, while also boosting productivity and cost efficiency. eSlip Payroll Services provide a secure payroll processing service that is consistently up-to-date with tax codes, regulations and legislation. Contact us to find out more about how our services payroll can benefit your business.