A lot of multinational firms and other businesses want improvement in current payroll practices, but have doubts about choosing a comprehensive global solution. Also most companies want improvement in their current payroll practices, and what they don’t know is that payroll providers can deliver a comprehensive global solution.
While some companies are not adjusting their payroll administration model, others plan to expand in to global markets, but this applies mainly to organisations that operate in mature markets are hence are more likely to be able to adopt a consistent model.
Nowadays the payroll function has become an administrative burden that many companies feel they could do without. Many HR professionals don’t understand how important the payroll function for the life of a business is. Outsourcing payroll increase efficiency, and save time for HR professionals so they can focus on more strategic activities. It is important for the companies to make the right choices when they want to outsource the payroll.
Benefits of outsourcing the Payroll
Secure information: The introduction of secure internet services has made it easier for businesses to gain instant access to their management information. This easy access can be combined with the efficiency and back-up of a bureau or managed service in an outsourced online solution. The process is also improved because data is captured at source and shared directly with the service provider, taking away the need to input data twice, which in turn reduces input errors, streamlines processes and reduces delays in information transfer. The added benefits in terms of speed, maintenance and upgrades make this the most efficient option.
Serious Service: The service you choose should offer streamlined processes that will enhance the service to your company and support your HR strategy. Make sure that your initial objectives for outsourcing will be fulfilled and that the service provider is fully aware of these. The service you choose should offer streamlined processes that will enhance the service to your company and support your HR strategy.
Future growth plans: Make sure that the payroll provider can cope with future growth. Check what the financial implications are if you recruit more staff and whether the service can expand internationally if required. If you already use computer systems for HR, time and attendance, general ledger or other related processes, these can be integrated into the payroll solution.
HR and Payroll integration: Opting to outsource payroll processes doesn’t mean sacrificing an integrated HR and payroll database or a fully functional HR application. Many services have integrated HR and payroll. You may also want to make use of employee self-service (ESS) and manager self-service (MSS) to spread any administration through the company.
Managed service or Payroll processing: A managed service means handing over the whole end-to-end management of the process to the supplier, along with the responsibility for the day-to-day execution of payroll tasks such as adding new starters, pension and benefits payments and others. This option allows the buyer to implement best practice to bring greater efficiency through their organisation and to reduce the internal administrative burden. It should let companies focus resources on core activities and provide the savings and benefits that come from an experienced supplier.
A payroll-processing service allows a company to gain access to an outsourcer’s fully maintained, legally compliant payroll and processing resource, while gathering and retaining employee changes and information in-house. Companies usually choose this service level if, for example, their payroll resources are stretched, to ensure compliance or to reduce the administrative burden.
Not mentioned but also relevant; a benefit like experience plus all the benefits above make companies like payroll in Chile, a right choice for your company and business.