{"id":6914,"date":"2021-02-19T10:30:00","date_gmt":"2021-02-19T02:30:00","guid":{"rendered":"https:\/\/www.workstem.com\/?p=6914"},"modified":"2024-11-06T14:52:26","modified_gmt":"2024-11-06T06:52:26","slug":"why-outsourcing-payroll-processing-is-the-way-to-go","status":"publish","type":"post","link":"https:\/\/www.workstem.com\/hk\/en\/blog\/why-outsourcing-payroll-processing-is-the-way-to-go\/","title":{"rendered":"Why Outsourcing Payroll Processing Is the Way to Go?"},"content":{"rendered":"<div class='post-index' id='post-index'><a href='###' id='post-index-close'><i class='fa fa-list'><\/i><\/a>\r\n\t\t\t\t<h3 class='post-index-title'>Chapter catalogue<\/h3>\r\n\t\t\t\t<div class='post-index-inner' id='post-index-inner'>\r\n\t\t\t\t<ol class='post-index-list'><li class=\"post-index-item\" data-tt=\"title-idx-0\" ><a href=\"###\"title=\"Potential time saved\">Potential time saved<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-1\" ><a href=\"###\"title=\"Easy collation of data for in-house and accountant use\">Easy collation of data for in-house and accountant use<\/a><\/li><li class=\"post-index-item\" data-tt=\"title-idx-2\" ><a href=\"###\"title=\"Enhance data security\">Enhance data security<\/a><\/li><\/ol>\r\n\t\t\t<\/div><\/div>\r\n\t\t\t<script>\r\n\t\t\t$(function(){\r\n\t\t\t\tvar contIdxHeight = $('#post-index-inner').height()+20;\r\n\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t$('#post-index-close').on('click',function(){\r\n\t\t\t\t\tif($('#post-index-inner').height()>20) {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',0);\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top',0);\r\n\t\t\t\t\t} else {\r\n\t\t\t\t\t\t$('#post-index-inner').css('height',contIdxHeight+'px');\r\n\t\t\t\t\t\t$('#post-index-inner').css('padding-top','20px');\r\n\t\t\t\t\t}\r\n\t\t\t\t});\r\n\t\t\t\t$('.post-index-item').on('click',function(){\r\n\t\t\t\t\tvar tt=$(this).data('tt');\r\n\t\t\t\t\tscrollPosition(document.getElementById(tt));\r\n\t\t\t\t});\r\n\t\t\t});\t\r\n\t\t\t<\/script><div class='post-content-full'><p>In any business, no matter what industry they work in or product they manufacture, the aim is to always move as efficiently as possible. To be able to stay productive with less time is an invaluable skill that enables a business to move head and shoulder above their competition.<\/p>\n<p>Often, outsourcing certain services allow a business to concentrate their time and resources on more important things like closing client deals or focusing on employee engagement. Payroll is one function that is often outsourced as it is considered to be a non-core function or a service that is essential but doesn\u2019t necessarily differentiate a business from its competitors.<\/p>\n<p>Below are a few reasons why outsourcing payroll processing is the way to go.<\/p>\n<h2 id=\"title-idx-0\" class=\"icon-anchor\">Potential time saved<\/h2>\n<p>No matter how many people a company employs, there\u2019s no getting around the fact that payroll requires massive attention to detail. It isn\u2019t something that can be done in tandem with another task or squeezed in throughout the workday.<\/p>\n<p>Reputable payroll providers will handle everything from benefits administration to tracking attendance. If there aren\u2019t any discrepancies or major problems, these providers will only reach out every pay period to notify business owners that everything has gone smoothly.<\/p>\n<h2 id=\"title-idx-1\" class=\"icon-anchor\">Easy collation of data for in-house and accountant use<\/h2>\n<p>For future accounting purposes, it\u2019s vital to store information on how much employees earn, what benefits employees receive, how much tax employees contribute, etc. These figures are necessary for tax purposes, both for business year-end income tax filing and for quarterly and annual payroll tax reporting. Keeping this data easily accessible and organized is necessary when supplying accountants with the information they need to do their job.<\/p>\n<p>Luckily, payroll solution providers such as Workstem and Workstem\u2019s partners are capable of taking the guesswork out of this process. For example, employees with leave entitlements and other compensation and benefits can be easily tracked and inputted into Workstem\u2019s software. From here, any calculation will be automated and the need for endless Excel spreadsheets and paper confirmations can be eliminated.<\/p>\n<p>Furthermore, Workstem\u2019s software can easily calculate the correct payroll amount of every employee regardless of their status. From full-time employees to hourly part-timers, Workstem takes into account attendance records and other pay items to ensure employees are compensated fairly and on-time.<\/p>\n<h2 id=\"title-idx-2\" class=\"icon-anchor\">Enhance data security<\/h2>\n<p>Even with trusted security partners, company payroll data\u2019s value means it will always be a target for cyberattacks.<\/p>\n<p>Outsourcing payroll can provide an additional layer of data protection. For instance, a payroll provider helps store a business\u2019 data on the cloud. What this means is that rather than sensitive employee data being stored on a singular computer or device\u2014which can be easily corrupted or be subject to a single hacking\u2014data is instead stored on secure cloud servers away from the office. These cloud servers that are also trusted by the biggest financial institutions become the equivalent of a safe haven for important company information.<\/p>\n<p>In an ideal situation, outsourcing payroll gives any business\u2014whether it\u2019s a large multinational or a budding SME\u2014multiple benefits. It frees up time and allows for a greater focus on the core business, as well as providing access to greater technology and professional expertise. With this in mind, it\u2019s obvious now that outsourcing payroll is less an additional cost and more of a long-term investment.<\/p>\n<p>With HR systems like <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/\" target=\"_blank\" rel=\"noopener\">Workstem<\/a><\/span> around, HR managers can work from anywhere without compromising the quality of their work or the welfare of their employees, even during these trying times.The Workstem system can also provides a full range of solutions to help you to management of other HR processes, such as<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/rostering\/\" target=\"_blank\" rel=\"noopener\"> Rostering<\/a><\/span>\u3001<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/attendance-management\/\" target=\"_blank\" rel=\"noopener\">Attendance<\/a><\/span>\u3001<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/leave\/\" target=\"_blank\" rel=\"noopener\">Leave<\/a><\/span>, MPF and <span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/product\/tax-reporting\/\" target=\"_blank\" rel=\"noopener\">tax<\/a><\/span> return management, etc., help you can truly realize digital transformation and improve management efficiency and employee satisfaction.<\/p>\n<p><em><strong>Read More<\/strong>:<\/em><\/p>\n<p><span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/payroll-done-remotely-mistakes-hr-should-avoid\/\" target=\"_blank\" rel=\"noopener\"><em>Payroll Done Remotely: Mistakes HR Should Avoid<\/em><\/a><\/span><br \/>\n<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/why-a-payroll-management-system-is-crucial-for-smes\/\" target=\"_blank\" rel=\"noopener\"><em>Not Just for the Big Companies: Why a Payroll Management System Is Crucial for SMEs<\/em><\/a><\/span><br \/>\n<span style=\"color: #3366ff\"><a style=\"color: #3366ff\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/payroll-for-new-starters\/\" target=\"_blank\" rel=\"noopener\"><em>How to Do the Payroll for New Employees?<\/em><\/a><\/span><\/p>\n<div class=\"mceTemp\"><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Chapter catalogue Potential time savedEasy collation of data for in-house and accountant useEnhance data security In any business, no matter what industry they work in or product they manufacture, the aim is to always move as efficiently as possible. To be able to stay productive with less time is an invaluable skill that enables a&#8230;<\/p>\n","protected":false},"author":5,"featured_media":20248,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[272],"tags":[468,469,463],"class_list":["post-6914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-all-en","tag-hr-tech-en","tag-payroll"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Outsourcing Payroll Processing Is the Way to Go? - Workstem<\/title>\n<meta name=\"description\" content=\"In any business, no matter what industry they work in or product they manufacture, the aim is to always move as efficiently as possible.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.workstem.com\/hk\/en\/blog\/why-outsourcing-payroll-processing-is-the-way-to-go\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Outsourcing Payroll Processing Is the Way to Go? 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