Have you ever calculated the actual cost of running your payroll in-house?
Running your payroll in-house means you have to:
- Keep up with legislation - this takes time for you to research and check (the onus is on you to be legal and correct afterall)
- you need to upgrade and pay maintenance on your payroll software - with annual charges and the need to involve IT this takes time and costs you money
- IT support from your own department and that of your payroll software provider uses up more time and costs.
- You have to provide your own IT hardware - Printers, PCs, IT department support time to keep them working...
- Backing up your payroll information system regularly, making sure you have good security and have an active disaster recovery plan in place all takes time!
- Of course there are also staff costs - training, time spent on administration and payroll filing, not to mention holiday, sickness and other leave to cover, recruitment costs should also be considered.
- Actual costs of your payroll stationery requirements shouldn't be underestimated either - payslips, envelopes, paper for reports, printer cartridges...it all adds up.
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