The most obvious reason is cost; the time spent calculating wages, taxes, various contributions and finally paying employees is greatly reduced when the process is outsourced. Anyone that has had the pleasure of processing payroll will know that is a complex and time-consuming task. It requires meticulous record-keeping, comprehensive tax knowledge, extreme attention to detail and efficient work habits. It is widely accepted that companies that outsource their payroll can reduce their payroll cost between 18% – 20%.
Other benefits of outsourcing include;
- Compliance expertise: Payroll providers keep up with regulatory changes and notify their clients about adjustments to wage and tax laws that affect their business, thus avoiding penalties or late fees.
- Tax and Social insurance filing: Payroll services reduce the amount of manual responsibility and time needed to process tax and social insurance contributions.
- Record Keeping: Maintaining electronic payroll records reduces risk, ensures confidentiality while guaranteeing data is instantly available
- Technology: Using the latest HR & Payroll software ensures accuracy, precision and enhanced productivity. This also guarantees that every employee receives the correct payment on time, every time.
Eurofast has emerged as one of the top 10 payroll service providers worldwide for 2021 according to CIO Look’s annual survey. This honour, as well as other awards over the years is a testament to the company’s continued innovation and professional outlook.
For further information please contact our Director of Payroll & EOR services in our office in Cyprus, George Georgiou at nicosia@eurofast.eu
AUTHOR:
George Georgiou
Director of Payroll & EOR Services
Eurofast Nicosia
nicosia@eurofast.eu