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Reasons for engaging PSPI's Payroll and Time Keeping Services |
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Ask yourself the following questions.
If you can't answer yes to all of them, you will probably want to consider using an outsourced payroll service provider:
- Can you handle the calculations and details of your payroll with complete confidence that it is precise, timely, and accurate?
- Is your staff burdened with calculations and details of your payroll including time and attendance monitoring? Do you often incur overtime costs especially as payroll date approaches?
- Do you have members of your staff who are become overpaid to deliver repetitive payroll tasks?
- Does your staff need to re-encode payroll and time and attendance data for purposes of populating another software application such as your HRIS or Accounting system?
- Do you understand all of the details related to filing your payroll taxes as a company and for each of your employees?
- Do you and your staff remain current with tax and other government laws relating to payroll?
- Do you have an automated payment system or a system in place that will issue payments effectively and on schedule?
- Do you have the time and staff to verify the accuracy of all your payroll as well as time and attendance operations?
- Are you vulnerable or subject to your payroll staff’s frequent absences, high turnover or to work stoppage or suspension?
- Is your pay data secure from risk of exposure to unauthorized personnel, payroll file loses due virus attack or hardware failure?
The payroll method that's right for you depends, to a degree, on the complexity of your payroll and the actual time and resources it takes to prepare it.
Here are some key factors employers should consider:
- training personnel to perform payroll-related responsibilities
- esearching changes in tax rules and other government-mandated contributions
- use of personnel for payroll versus other business tasks
- calculations for government mandated contributions and taxes
- gathering payroll-related information
- wage and hour calculations
- calculating and tracking ongoing employee liabilities
- tracking loans, leave availments, other
- deductions
- posting payroll data to general ledger
- time and attendance monitoring issues
Employers using an in-house payroll software program should consider:
- cost of the software
- use of personnel for payroll versus other business tasks
- cost to train personnel to use the software
- vulnerability to absences and high turnover among the payroll staff, work stoppage or suspension
- cost to purchase software updates
- cost of hardware (less depreciation) and related
- maintenance costs, if using a dedicated or shared payroll computer system
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