Why Payroll Is Getting More Complex?
Ever wondered why a task that was originally done manually with not much more than a pen and paper has become so complex? Over the years, payroll processing has grown complicated and cumbersome. As businesses expand across the region, the responsibility of managing payroll grows more demanding.
Why? Because the state of work is evolving, necessitating the need for fundamental operations like payroll to evolve as well. Here are the top reasons why payroll is getting more complicated.
- Heightened measures and anxiety around data access, usage, and storage
- Evolving modes of working and reward-based salaries making pay more dynamic
- Frequent changes and updates to tax and legislation across borders
- The sheer growth of multinational corporations resulting in massive data transfer and processing
- Increasing demand for efficiency, using strategic intelligence to inform business planning
These challenges pose a major threat to a company’s payroll. As payroll processing becomes more complex, businesses run a higher risk of calculation errors, security risks, and substantial costs incurred from late filings and accidental omissions. Not to mention, this is only if you’re lucky.
In the case where fraudulent activities are concerned, businesses opting to process payroll in-house stand to lose even more. Putting the business at a disadvantage in a number of ways from identity theft, to embezzlement, dishonest bookkeeping, fictitious accounts, data tampering, unauthorised modification of employee records, continued payroll or benefits to employees who have left the company, and collusion.
Little-Known Reason Regional Businesses Use Payroll Services
When talking about payroll services and HR outsourcing in general, a lot of people think it’s about efficiency. Indeed, outsourcing payroll guarantees a certain degree of efficiency, but for many businesses, payroll outsourcing is more about minimising a company’s exposure to risk. How does it do this?
As part of the onboarding and integration process, to protect their professional reputation and the client, payroll service providers will conduct data and process clean up. Doing its due diligence to check for errors, making sure everything is up to date with the latest legislative demands. The process essentially resets your payroll operations, refreshing long outdated HR practices and aligning scattered data.
Understandably, this is a great bonus for businesses looking to elevate their payroll process. But what does it mean for businesses who aren’t ready to move their in-house operations to a payroll services provider? Well, there’s another solution for you.
Keep Your Payroll Process on Track With This Simple Solution – Payroll Health Check
For those who are looking for a simpler way to reset their payroll operations without outsourcing their payroll, you may consider performing a payroll health check.
With Links Payroll Health Check service you can bring the following things about your data operations to light. This will give you a better understanding and control over your internal operations, allowing you to strategically drive the business.
- What your business’s payroll is costing your company
- High-level payroll process flow
- Identify the biggest areas of risk
- List of issues exposing your business to risk
- Suggestion for improvement
- Proposed areas for improvement with an actionable plan for in-house payroll executives
Links HR Outsourcing – Voted Best HR Outsourcing Partner in Hong Kong
Start Smart with Links Payroll Health Check
Payroll is a fundamental operation for every business, so start smart with a professional payroll service provider. Get ahead of the risk and update your payroll processes today with Links payroll health check services.
Identify Your Level of Risk
Assess your needs by consulting professionals. Before engaging with a payroll service provider, it is a good idea to get in touch with one of their consultants to give a preliminary assessment of risk your company may be exposed to. Depending on the age and structure of your in-house payroll department, you may be exposed to a different level of risk.
Learn the Level of Flexibility Your Payroll Health Check Package Provides
In some cases, it may be worth it to simply outsource your entire payroll operation to a third party vendor, especially in the case where results come back to indicate there’s simply too many issues with your current payroll operations.
To get the most, you may enquire about whether the payroll health check package provided will give you the option to integrate straight into a payroll processing agreement if needed, getting yourself a better deal and saving you from further hassle.
Learn about Links Payroll Health Check services today at https://linksinternational.com/en-sg/hr-outsourcing/payroll-health-check/
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Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcing, visa application, Employer of Record (EOR), outplacement, recruitment and more! Contact us for more information on how we can help leverage your HR function.