Having a functioning payroll system within your business is essential in ensuring your staff get paid exactly what they are owed. All businesses need to be fully compliant and adhere to all regulations, otherwise it could be financially and legally detrimental. Implementing successful payroll solutions and ensuring that you’re fully compliant is completely essential, but is it easier to set up payroll yourself, or should you outsource? There are a few myths surrounding payroll that you should aim to avoid in order to protect your company.
Here at Payroll Worldwide, we are your fully comprehensive human resources (HR) and payroll service providers helping companies in Latin America and those wishing to expand. We understand the labour and employment laws in LATAM and can ensure you are operating legally and effectively. Many people believe that outsourcing payroll is time-consuming and expensive, but is this really the case?
“Only Large Companies Need to Outsource Their Payroll”
All companies need to put people on payroll in order to pay them their wages and any other benefits they may be entitled to. Some believe that small companies can handle payroll themselves, but this isn’t the case. Even companies with as little as four employees can still benefit from outsourcing their payroll, as they need to pay their employees compliantly and efficiently. Professional employer organisations (PEOs) have payroll software and technology designed to ensure there are no faults, helping with automatic tax payments and other matters of compliance.
Here at Payroll Worldwide, as well as providing exemplary payroll solutions, we’re also on hand to assist with any HR tasks, such as onboarding, recruitment, and assisting with immigration if you’re looking to expand globally. To find out more about our services, please visit us here.
“In House Payroll is Cheaper”
No matter how big or small your business is, in-house payroll systems are usually more expensive than outsourcing. When running payroll, you have to employ people and pay their wages, as well as ensure you have full payroll and IT support, systems of which aren’t very cost-effective for a start-up business especially. Also, training staff and becoming familiar with the systems takes time and money, which could be spent on more productive aspects of your business.
By turning to a payroll services provider, you can focus on more important tasks, such as generating revenue for your business and ensuring your employees are happy and motivated. As a fully comprehensive service, you get more for your money with us at Payroll Worldwide, as we strive to make payroll systems as smooth as possible for all kinds of businesses.
“Smaller Companies Follow Different Rules”
Regardless of the size of your business, all companies must follow the same rules when it comes to payroll. All data must be protected, as any breaches can be considered non-compliance and can land your business in legal hot water. Fixed payroll regulations must be followed exactly, no matter the size of your company. Whilst the finer details may differ from country to country, you must still ensure you’re clued up on the regulations in the country you’re operating in. If you’re expanding to LATAM, you need a payroll service that understands the climate and can ensure full compliance, even as the laws change.
Here at Payroll Worldwide, we understand how HR services work in LATAM, and can provide you with an exemplary service you can trust. To find out more about our payroll solutions, or to book a free consultation, please give us a call on 07469 892524. Alternatively, you can fill out our online form here.