Outsourcing VS Inhouse Payroll - Synchrony HR

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Outsourcing vs

• InHouse Payroll

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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 the tablehiring
an in-house payroll professional or partnering
with a payroll outsourcing firmyou have a
crucial decision to make. Heres what you should
know as you weigh the decision.
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Analyzing In-House Payroll
Setting up an in-house payroll department has a
few key advantages and disadvantages for your
business. The outcomes depend on the size and
structure of your business, as well as the
amount of time and effort you invest in the
process.
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Advantages of In-House Payroll
With in-house payroll, youll 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.
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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.
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Disadvantages of In-House Payroll
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 the job. 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 adhering to
employment law.
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Analyzing Payroll Outsourcing
When you outsource payroll to a third party, it
can help automate your system in several ways.
Here are the pros and cons to look for.
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Advantages of Payroll Outsourcing

• 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.

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Unlike in-house payroll, setting up outsourced
payroll is a breeze. Payroll services use expert
processes to deliver paychecks in an accurate
and timely manner.
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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.

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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.
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