Excerpted from the article published on Wednesday, August 27, 2014 by Adam Bluemner (Find Accounting Software)
How do you break the deadlock in the in-house payroll versus outsourcing debate?
There’s no shortage of case studies sponsored by payroll software providers demonstrating ROI from in-house payroll. On the other side of the coin, you’ll find plenty of detailed surveys and whitepapers showing you outsourcing is the best value proposition. Adding it up, it’s easy to be puzzled by the stalemate. There’s compelling points from both camps, but also the same frustrating tendency toward all-or-nothing conclusions.
The reality is this: There are instances where the best option is outsourcing and there are others where it is software. It simply depends on your unique situation.
Figuring out which approach is right for you, therefore, isn’t about divining whether payroll software or payroll outsourcing providers have the most credible overall position. It’s simply a matter of working logically through how each of the core elements of the decision relates to your specific context.
There are 3 critical angles you need to consider when choosing between in-house, software-based payroll and outsourcing: your skillset, your risk tolerance, and the unique cost calculation for your situation.
If you don’t have payroll processing skills on staff already, that can be a pretty compelling reason to start your evaluation leaning toward outsourcing. (read more)
Every business wants to minimize risk. The risk management element of determining whether to outsource payroll is an important part of the decision. (read more)
As with any outsourcing decision, it’s critical to apply the real dollar value of your time to the calculation. In fact, there’s no way you can make an educated cost decision on whether to opt for software or services without first quantifying the value of your time and the amount each solution will save you. (read more)
(read the full article at Find Accounting Software)