What should small and large companies consider when choosing a payroll solution?
Whether your business is large or small, you’ve probably debated whether to invest in payroll software, or outsource your payroll process.
Many businesses often assume that payroll software is the cheaper alternative, or that outsourcing is reserved for big businesses. But outsourcing part or all of your payroll process has the potential to save even small businesses a significant amount of money in the long term, as well as increase efficiency.
Once you’ve made the decision to invest in your payroll process, you’ll choose between three options:
- Run a software solution in-house
- Run a processing solution, where you outsource your payroll but retain some components in-house
- Run a fully outsourced model, where a third-party provider manages your end-to-end payroll infrastructure