Payroll is getting more and more complicated. It’s time-consuming, costly and requires specialised skills to get it right. This guide explains the benefits that come when payroll processing is managed externally, letting you get on with the business of being in business.
1. Accuracy & Accountability
When payroll is inaccurate, the impact can be far-reaching. Disgruntled employees, invalid reporting and the risk of compliance breaches, to name a few. Reliable and accurate payroll information that is always on hand and ready to report on is essential to cost management, forecasting and planning —not to mention staff morale.
Outsourcing payroll services to a provider with the people, technology and experience to do the job well lifts data quality, reduces costs and instills a sense of trust from your staff.
2. Consistency of service
The ability of in-house payroll teams to process timely and accurate pays is impacted by staff absences, turnover and a general lack of expertise.
Building a relationship with a trusted payroll provider ensures consistent quality service —regardless of your staffing situation.
3. Compliance
Fulfilling the critical legislative and statutory obligations of payroll can be a heavy lift for many organisations. Not only is it time-consuming, payroll staff need to maintain a high standard of industry knowledge to ensure they are not unwittingly putting the company at risk.
For an organisation, non-compliance can mean costly fines and loss of employee confidence. Managed payroll services are better staffed and better equipped to meet your compliance needs.
4. Access to expertise
Depending on the size and resources of your organisation, you may or may not have access to the level of expertise required to efficiently manage the intricacies of your payroll system. Managed payroll gives you access to a team of experts highly trained in all aspects of payroll operations. They can provide the assistance you need to review award interpretations and ensure you remain compliant.
You benefit from added expertise, including the implementation of systems and processes that will deliver company-wide efficiency gains and increased productivity.
5. Best-in-class technology
In-house payroll software is difficult and expensive to maintain. With a managed payroll provider, you won’t have to maintain software internally. You’ll instead benefit from their use of the most up-to-date technology and best practice.
This exclusive access allows your organisation to achieve greater data accuracy, automation of manual tasks and an enhanced employee experience.
6. Value-added services
The size of your in-house payroll team, along with any additional HR and financial tasks they must undertake, can make it harder for them to do anything other than process pay.
Managed payroll providers can add value through the provision of real-time data, expertise and meaningful insights into employee performance and labour costing. This is further supported by manager dashboards and comprehensive reporting that drives better decision-making.
7. The freedom to concentrate on core business
Managed payroll gives you the advantage of freeing up staff to focus on core activities. HR and finance professionals can support managers and employees in this regard, helping you to create a more efficient and competitive business.
8. Cost savings
Managed payroll providers deliver significant cost savings. By using modern payroll software and utilising industry-leading expertise, your head count and capital costs go down and productivity goes up.
This partnership also leads to other opportunities, such as the ability to rapidly respond to changing workforce and market conditions.
9. Lower risk of fraud
A professional payroll management company has the ability to operate within a strict framework of controlled system access, tight approvals and a high degree of accountability — eliminating opportunities for fraud.
For over thirty years, Affinity has been a trusted partner for mid-market and enterprise businesses in Australia and New Zealand, empowering them to transform their payroll operations. With a focus on turning payroll from a cost into an asset, we have established ourselves as industry leaders in delivering innovative cloud-based payroll software and exceptional payroll services.
