Why Not Outsource Your Total Payroll Function (TPF)?
The Covid pandemic has emphasised the reality that most people can work remotely but also that those people don't necessarily have to be FTE's (Full Time Employees). This has stimulated "the gig economy" where some people simultaneously work for multiple businesses. It has also forced Outsourcing Providers to re-assess their value propositions. When businesses decide to outsource supporting functions e.g. finance or HR, they often prefer to outsource it in totality.
Payroll Outsource service providers normally limit their services to the following:
- Capturing of input on the payroll,
- Checking input for variances,
- Processing the payroll,
- Generating payroll reports,
- Generating export files e.g. General Ledger Interface files
- Assisting with payroll payments
This still leaves businesses with many payroll related responsibilities for example:
- Collection and collation of payroll input,
- Dealing with payroll queries from staff,
- Liaising with benefit funds and statutory bodies,
- Implementing payroll processes,
- Doing salary increase scenario's and proposals for management
Outsource providers who are not willing to adapt and expand their service offerings limit their reach and risk losing their customers. Circumstances have expedited the evolution of outsourced services to the benefit of businesses and the outsourcing industry in general.
Click here to see what a Total Payroll Function should include.