Payroll Outsourcing is a business to business service where in one company provides payroll processing and other payroll-related functions to another company. Payroll processing includes maintenance of employee records, computation of employee salary and wages, statutory contributions, addition of mandatory and company initiated bonuses, payroll distribution, issuing payroll related reports and complying with various government offices.
Payroll processing looks simple right? Think again.
Complicated Payroll Tasks
The Philippine payroll system alone is complicated enough to blow anyone’s helpless mind. To do this tasks is easy but to process payroll while respecting a lot of labor laws and adapting to trends in payroll practices in the market, you are bound to commit a lot of errors before even starting, and you have to do this over and over again within the year.
What may happen if you outsource your payroll?
Utilizing a payroll outsource absolutely provides a quick but error-free payroll process without the need of having to train, pay and manage an in-house payroll department. With that being said, payroll outsourcing services saves a lot of time, effort and money for the company, but let’s dig deeper in to details for further understanding.
An entrepreneur’s ideal scenario is to see his business continually improve and grow. Time can only tell when a business becomes large enough to face a decision between having an internal payroll department or payroll outsource to supply his needs.
The truth about Payroll Outsourcing
Many people would say payroll outsourcing services is the best option and it is indeed a great alternative to internal payroll processing. Others would testify, especially small medium enterprises who operates with employees that has straightforward salary and stable tax contributions, that it is easy to process payroll internally and it will cost lower than outsource. Yes, the service is a bit pricey but the value business owners get will soon be surpassing the amount of time and effort to manually process payroll because simply the pain and stress is not worth any money.
On top of that, there are a lot of rooms to commit error in manual payroll processing, which leads to the next point; the inevitability of human error. As the saying goes, “Practice makes perfect” – not in the Philippine payroll system! The playing field is constantly changing. This is one of the most over-looked aspects of payroll outsourcing.
By utilizing this service you free up your mind away from the stress of keeping up with the adjustments in tax computations, government mandated benefits etc. because the payroll provider will be the one updating to the regulations and therefore preventing errors and added expenditures due to penalties.
The value you get from Payroll Outsourcing
Payroll Outsourcing is essentially good for every business. Companies will have more time to do core operations and it eliminates error in payroll processing for just the cost of adding a bit of expense. Cost should not even matter because the value you get from Outsourcing Payroll is greater than what you are paying for, Payroll Processing Providers often adjust to your needs financially and provide a cheaper alternative with a schedule that will suit your business. Now, when the time comes to outsource payroll – never think twice.
TrendStatic Corporation is also a payroll outsourcing provider located in Ortigas Centre, Pasig Philippines.
We are happy to meet with you for us to assess your company’s payroll requirements.
For more detailed information about this topic or you want assessment for your company, please feel free to contact us by filling up the blue form, and we will contact you as soon as we read your message.Â
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