Streamlining Payroll Processes: The Benefits and Importance of Managed Payroll Services for Organizations
By Bryant Bateman
Partner at HR Path
Managed payroll services have become an increasingly popular solution for businesses of all sizes in North America. In today’s fast-paced and highly competitive business environment, companies are looking for ways to streamline their operations, reduce costs, and focus on their core competencies. Managed payroll services offer a convenient and cost-effective way for businesses to manage their payroll processes, allowing them to focus on growing their business and increasing their bottom line.
Too often, when I speak to organizations regarding their payroll solution/processes, it becomes evident that they have not been reviewed in several years. I continually hear “If it isn’t broken, why touch it” in response to my inquires on what initiatives they have regarding their respective payroll. Additionally, within the SAP SuccessFactors ecosystem, we have not done ourselves any favors as the perception is that the Employee Central Payroll offering has been branded as SAP Payroll just hosted by SAP.
HR Path has built a managed payroll offering which provides customers with:
- Access to a team of payroll experts who are highly knowledgeable and experienced in payroll administration and compliance. This means that businesses can rely on our experts to handle all their payroll needs, from processing payroll and paying employees, to ensuring compliance with tax laws and other regulations.
- Use of advanced payroll technology, including online payroll portals and mobile apps, which can make payroll processing much faster, easier, and more efficient. These technologies allow businesses to access real-time payroll data, track employee hours, and manage other important payroll-related tasks, all from a single, easy-to-use platform.
- Ensure customers reduce their costs and improve their bottom line in other ways. For example, they can help businesses to avoid costly penalties and fines by ensuring that they stay compliant with all tax laws and regulations. They can also help businesses to lower their payroll processing costs by providing more efficient payroll processing and reducing the need for in-house payroll staff.
In conclusion, managed payroll services are an excellent solution for businesses in North America looking to streamline their payroll processes, reduce costs, and focus on their core competencies. By providing access to a team of payroll experts, advanced payroll technology, and a range of cost-saving benefits, managed payroll services can help businesses to achieve their goals and thrive in today’s competitive business environment.
My recommendation is that payroll processes and solutions should be reviewed at least every 3 years. This is not to recommend a continual revolving door for the payroll solutions, but it should help ensure your running at optimum levels and using the latest enhancements.
About HR Vision
HR Vision is the thought leadership hub of HR Path focused on deep insights in HR issues and trends. Through words, graphics, and videos. HR Vision makes sense of big global issues, as well as identifying emerging trends. At times we present unique research gathered from the Group’s position as one of the world’s emerging HR technology leaders.
