Paying your employees is not just about paying wages at the end of the month. Today’s payroll processes can include dealing with medical benefits, employee relations issues to submitting payroll taxes. That is why 12% of companies fully outsourced their payroll in 2019 compared to 8% in 2015.
During our journey through sponsoring industry-specific events and our conversations with attendees, we were being asked similar questions and myths about outsourcing payroll. Attendees were amazed that these myths are very outdated, and they could benefit from outsourcing their payroll.
In this article, we will share with you some of the misconceptions about payroll outsourcing.
Paying your employees is not just about paying wages at the end of the month. Today’s payroll processes can include dealing with medical benefits, employee relations issues to submitting payroll taxes. That is why 12% of companies fully outsourced their payroll in 2019 compared to 8% in 2015.
During our journey through sponsoring industry-specific events and our conversations with attendees, we were being asked similar questions and myths about outsourcing payroll. Attendees were amazed that these myths are very outdated, and they could benefit from outsourcing their payroll.
In this article, we will share with you some of the misconceptions about payroll outsourcing.
Myth 1: The Entire Payroll Process Must Be Outsourced
This was one of the biggest misconceptions that we came across. Payroll outsourcing does not mean outsourcing the whole process. You can search for a payroll provider that has flexible payroll packages.
Novative’s payroll outsourcing services provides you with flexible and customized options. You can choose only the services that meet your needs, and you will only be charged for those services.
Myth 1: The Entire Payroll Process Must Be Outsourced
This was one of the biggest misconceptions that we came across. Payroll outsourcing does not mean outsourcing the whole process. You can search for a payroll provider that has flexible payroll packages.
Novative’s payroll outsourcing services provides you with flexible and customized options. You can choose only the services that meet your needs, and you will only be charged for those services.
Myth 2: Payroll Outsourcing Is More Expensive Than Managing It In-house
Payroll outsourcing saves you from all the costs associated with the in-house team such as recruitment or training. You will also cut the costs related to the payroll software such as IT support or maintenance.
Of course, choosing between outsourced and in-house payroll depends on many factors specific to your company. You can consult our guide to find out which way is best for your business.
Novative experts will never need to be covered for holidays, and you will not have the cost of training. Time is money, and that is what we will give your company back so you can concentrate on revenue-generating activities and growing the company.
Myth 2: Payroll Outsourcing Is More Expensive Than Managing It In-house
Payroll outsourcing saves you from all the costs associated with the in-house team such as recruitment or training. You will also cut the costs related to the payroll software such as IT support or maintenance.
Of course, choosing between outsourced and in-house payroll depends on many factors specific to your company. You can consult our guide to find out which way is best for your business.
Novative experts will never need to be covered for holidays, and you will not have the cost of training. Time is money, and that is what we will give your company back so you can concentrate on revenue-generating activities and growing the company.
Myth 3: It’s Too Much Hassle to Transition to Payroll Outsourcing
Companies are worried that payroll outsourcing will pose challenges. However, it is simply a myth as a good outsourced payroll service provider will absorb any transitional pain.
You might expect implementation to be a time-consuming process. It is not always the case! With cloud-based technology and expert implementation teams, Novative ensures that the transition is quick and smooth, causing minimum disruption to your organization. Now that the transition is no longer an issue, think about all the positive aspects of payroll outsourcing. You’ll ensure accurate, compliant, on-time payroll every month.
Myth 3: It’s Too Much Hassle to Transition to Payroll Outsourcing
Companies are worried that payroll outsourcing will pose challenges. However, it is simply a myth as a good outsourced payroll service provider will absorb any transitional pain.
You might expect implementation to be a time-consuming process. It is not always the case! With cloud-based technology and expert implementation teams, Novative ensures that the transition is quick and smooth, causing minimum disruption to your organization. Now that the transition is no longer an issue, think about all the positive aspects of payroll outsourcing. You’ll ensure accurate, compliant, on-time payroll every month.
Myth 4: Payroll Outsourcing Will Lead to a Loss of Control and Complicated Access to Data
Another common myth is that considering a payroll outsourcing solution will lead to a loss of financial control and leave them out of the loop. On the contrary, a payroll outsourcing company provides a flexible, easily accessible reporting system that clients can use themselves.
Considering Novative as a partner ensures you do not lose any control over your payroll processes. We are there to enhance your capabilities, not take them over. You will be provided with a dedicated expert and a powerful unique platform where you will be able to see all data related to your payroll.
Myth 4: Payroll Outsourcing Will Lead to a Loss of Control and Complicated Access to Data
Another common myth is that considering a payroll outsourcing solution will lead to a loss of financial control and leave them out of the loop. On the contrary, a payroll outsourcing company provides a flexible, easily accessible reporting system that clients can use themselves.
Considering Novative as a partner ensures you do not lose any control over your payroll processes. We are there to enhance your capabilities, not take them over. You will be provided with a dedicated expert and a powerful unique platform where you will be able to see all data related to your payroll.
Myth 5: Data security is not guaranteed with payroll outsourcing
Many organizations worry that choosing a payroll outsourcing company puts their data at risk. This is because they are concerned about giving someone access to sensitive data, which could expose them to data breaches or loss. This is a normal fear. However, your data is likely to be safer in an outsourced environment because most third-party payroll providers invest heavily in the technology and systems they use to ensure data security and disaster recovery. You just have to look for the right payroll outsourcing provider that considers your data security a top priority.
Myth 5: Data security is not guaranteed with payroll outsourcing
Many organisations worry that choosing a payroll outsourcing company puts their data at risk. This is because they are concerned about giving someone access to sensitive data, which could expose them to data breaches or loss. This is a normal fear. However, your data is likely to be safer in an outsourced environment. Why ? Because most third-party payroll providers invest heavily in the technology and systems they use to ensure data security and disaster recovery. You just have to look for the right payroll outsourcing provider that considers your data security a top priority.
We attempted to debunk and dispel some of the myths surrounding payroll outsourcing in this article. And to ensure that payroll outsourcing certainly has a lot of advantages and can help you through the most time-consuming administrative tasks.
If you get the right payroll provider, you will spend less time thinking about processing your payroll and more time focusing on running and growing your business.
We attempted to debunk and dispel some of the myths surrounding payroll outsourcing in this article. And to ensure that payroll outsourcing certainly has a lot of advantages and can help you through the most time-consuming administrative tasks,
With the right payroll provider, you will spend less time thinking about processing your payroll and more time focusing on running and growing your business.
