What do businesses need to consider here?
Businesses want bang for buck. Team that with the likely fact that the payroll is your company’s biggest outgoing: you need to know your current payroll provider is giving you and your business value for money.
However, before you can understand the value you’re getting, you need to look at the price you’re paying.
But it’s not just about looking at the price your provider charges per employee or per payslip. These don’t fully represent the end-to-end cost of your payroll.
There are a number of other factors you need to consider.
Perhaps you have a system that’s clunky, where everything requires a ‘workaround’ and you’re entering the same data two or three times over.
But what if you could be using software that’s easy-to-use, smart, and efficient?
Even if price per payslip is higher with that provider, you might still see a reduction in the end-to end cost of processing your payroll, when you factor in the cost of time.
What are the cost of your salaried employees undertaking tasks associated with the payroll? Are there software and license fees?
Or fees for system upgrades and maintenance? Printed payslip costs? Bacs payment costs?
Yes
Not sure...
No
And what about fines incurred by late payments or incorrect data submissions due to poor quality payroll software?
And how much time is spent inputting data into the system?
How often are mistakes made and how long does it take to correct these? How long does it take to complete all of the processes required to run your payroll?
If you’re not getting solid data insight, it’s tough to make good business decisions.
If your competition has a slick system that tells them things like cost trends, absence trends and data that helps them to predict spend, all in real-time, and you can’t see that data for your business; they’ve got a solid competitive advantage.
Making good decisions driven by data insight may not always yield an obvious cost-saving. But making bad decisions driven by guesswork, will almost certainly cost you something at some point.
Watch our recorded demo to find out how to reduce your payroll costs with outsourcing.
A whopping 32% of SMB’s said it was cheaper to outsource their payroll than keep it in-house. Along with this, in our Annual Payroll Survey, 73% said they receive value for money from their payroll provider.
Watch our demo with Moorepay expert, Sophie Bennion, to see how outsourcing your payroll could save you a pretty penny whilst keeping you completely compliant.
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We closed out 2023 winning CIPP's Payroll Service Provider of the Year Award 2023. Yes, that's on top of winning The Rewards' Payroll & HR Software Product of the Year Award in 2022.
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