*By Paulo Oliveira
The trend of payroll outsourcing has been gaining momentum in recent years. Recent research from Report Linker estimates this market to grow at a CAGR (compound annual growth rate) of 5.8% until 2027. In terms of real revenue, this means an increase of US$ 7.1 billion. This growth is due to the benefits that this model brings to business.
Payroll is one of the administration processes that can be particularly complex and time-consuming, especially when companies do not have the right resources. Ever-changing regulations and requirements can be difficult to keep up with. Thus, an outsourced service is highly beneficial for organizations.
Outsourcing payroll services offers a great way to significantly save time and money. In terms of cost cutting, the model eliminates the need for you to pay for equipment, supplies, offices and training. And, it also guarantees time reduction with complex and time-consuming tasks such as processing and compliance. This way, professionals can focus on business growth strategies and improving results.
As the company continues to grow, it can become increasingly complex to track and process information. An outsourced payroll service has the necessary technologies to ensure that all employee data is not only accurate, but up to date. Thus ensuring the necessary scalability to keep up with the pace of business.
Hiring a good payroll service also offers flexibility, as with outsourcing you can count on experts, as well as a range of personalized resources and options designed to meet your unique needs, streamlining the entire process.
Outsourcing your company's payroll services to a professional provider also ensures access to highly qualified professionals with in-depth knowledge of all tax and taxation laws and regulations. They also ensure that the company is up to date with all the latest compliance requirements.
Experience with payroll processing also helps your business avoid mistakes that can cost you time and money. Some other value-added services you can enjoy from third-party providers include online reporting tools and employee self-service portals.
Another important point is that outsourced payroll services offer a level of security that ensures your data is protected, including data encryption, electronic records and enhanced disaster recovery.
Furthermore, it improves communication with employees, as all information relating to payroll will be centralized, facilitating access to documents such as payslips, notices and holiday receipts, for example.
In the coming years we will see a rapid increase in the amount of payroll outsourcing, which will positively impact HR departments. Not only will they benefit from sophisticated technology, but they will also be able to focus on other business activities.
*Paulo Oliveira, marketing manager at Apdata
Notice: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies
EN 
PT 
