Anyone that has had the ‘pleasure’ of processing payroll will know how a complex and time-consuming task this can be as it requires meticulous record-keeping, comprehensive tax knowledge, extreme attention to detail and efficient work habits. It is widely accepted that companies which use external service providers can reduce their payroll cost between 18% – 20%. Below we list the top five reasons why companies should seriously consider outsourcing their payroll.
01- SAVE TIME
Outsourcing payroll is the low-hanging fruit for increasing company efficiency. Instead of spending hours/days, every pay cycle, on payroll processing – a task most accountants find very stressful, it makes sense to allow a professional third party to manage this process.
02 – REDUCE COSTS
Saving time also saves you money, which can come in the form of a lower wage bill. You will also see savings to your business from not needing to maintain cloud security or buy and maintain payroll software.
03 – MINIMISE COMPLIANCE AND REGULATORY RISKS
Regulatory changes that affect payroll happen yearly, making ‘staying compliant’ a challenging, time-consuming process. And in most EU countries there is a timetable of increased contributions/regulations for the next 10 years.
04 – SPECIALISED LOCAL KNOWLEDGE
Gain access to local expertise with regards to tax and social insurance. Each country will have complex and, in some cases, hidden tax incentives that can make a significant difference to employee/company tax and contributions.
05 – RELIABILITY
If your payroll is reliant on one or two staff this can also be a risk. Losing a key member of staff can be extremely difficult to replace, causing a logistical nightmare come payday. Specialised payroll teams have in place procedures and emergency plans to manage risk.
Eurofast was established in 1978 and is widely acknowledged as one of Europe’s leading payroll service providers and currently processes payroll for over 15,000 employees per month for multinational companies in industries such as IT, Retail, Airlines, Banking & Finance, Pharmaceutical and Hospitality. This specific industry knowledge means Eurofast can support a diverse portfolio of clients and advise on the majority of HR or Payroll issues.
For further information please contact our Director of Payroll & EOR services, George Georgiou at email@example.com
Eurofast is a regional business advisory organization employing local advisors in over 21 cities in South East Europe & the Middle East (SEEME). The Organization is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in Tax & Transfer Pricing – Payroll & Employment – Accounting & Compliance – Advisory & Corporate.
Director EOR and Payroll