Using payroll outsourcing as a cost-cutting measure.
The Centre for Economics and Business Research (CEBR) in the United Kingdom (UK) has warned sales are expected to have fallen this month despite the Christmas rush. Retailers, expecting to lose trade after Christmas, may be attracted to using payroll outsourcing as a cost-cutting measure.
Payroll outsourcing could be a good way to cut costs during hard times, with chairman of the National Outsourcing Association recently explaining farming out such duties to third party personnel leaves business people with time to focus on vital core activities and customer satisfaction.
In general terms, this managed service involves the total management of an organization’s payroll operation, handling data capture, processing, printing, distribution and reporting. By using professional payroll services, business owners can trust that expert firms’ technologies will be able to spot various forms of payroll fraud. Moreover, if errors do occur – from fraud to delayed business cheques – the service provider will be responsible for remedying the situation or paying the price.
In a review of current trends in payroll software and services, fully-managed payroll service, otherwise known as outsourced payroll, not only is the biggest business growth area for payroll agencies, it is being achieved with little or no advertising. This “secret” service potentially puts the jobs of payroll professionals at risk.
Sources: Sage UK | PayPerShop Ltd | The Outsource Blog
Photo by guillaumebrialon at Flickr.com
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