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Outsourcing VS Inhouse Payroll - Synchrony HR

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Outsourcing VS Inhouse Payroll - Synchrony HR

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  1. Outsourcing vs InHousePayroll

  2. To cut down on costs, many small businesses choose to handle payroll in-house. But what happens when payroll gets to be too much to handle? With two options on thetable—hiringan in-housepayroll professional orpartneringwith a payroll outsourcing firm—you have a crucial decision tomake. Here’s what you should know as you weigh the decision.

  3. Analyzing In-HousePayroll Setting up an in-house payroll departmenthas a few key advantages anddisadvantages for your business. The outcomes depend on the size andstructure of your business, as well as the amount of time andeffort you invest in theprocess.

  4. Advantages of In-HousePayroll With in-house payroll, you’ll have total control over the process. This means that you, or a member of your team, will have oversight over every procedure and software tool in use. 01 In addition, in-house payroll services are often ideal for companies that are extremely concerned with data security, as they eliminate the need to store data with a third party. 02

  5. Disadvantages of In-HousePayroll Those looking to work with an in-house professional will have to prepare for the expenses that come with hiring, onboarding, and compensating an expert to do thejob. A great deal of risks can come to those entrusting inexperienced employees to manage a robust payroll process. You may face costly fines or inaccurately collecting and recording tax-related information and/or not adheringto employment law. 01 02 03

  6. Analyzing PayrollOutsourcing When you outsource payroll to a third party, it can help automate your system inseveral ways. Here are the pros and cons to look for.

  7. Advantages of PayrollOutsourcing With payroll outsourcing, navigating withholdings, unemployment, social security, medicare, tax liens, and child support garnishments that might come up during the payroll process could be handled easily. 01 Unlike in-house payroll, setting up outsourced payroll is a breeze. Payroll services use expert processes to deliver paychecks in an accurate and timelymanner. 02

  8. Disadvantages of Payroll Outsourcing Some businesses struggle with the lack of complete control that comes with outsourcing payroll, which means that forwarding this function to a third party is out of the question. 01 For example, if a problem were to come up, the business might not want to wait for their vendor partner to respond and would rather circumvent the issue on their own. 02

  9. ContactUs!!! www.synchronyhr.com (314) 222- 5770 info@synchronyhr.com

  10. THANKYOU

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