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Five payroll challenges for growing businesses and how outsourcing can solve them

June 2023

26 June 2023 - An efficient payroll process can be a key benefit for expanding businesses with a growing workforce, newly added jurisdictions, multiple entities and a diverse range of needs for staff that can involve unfamiliar or complex tax and labor legislation.

The positive news is that outsourcing payroll is a very valid option for many companies, supporting them as they grow and allowing them to focus on their core activities. Even the most sophisticated businesses can benefit from having an external payroll provider.

Naturally, the handover of key administrative tasks can present challenges and expose less well-known issues that need further tackling, including inflexible providers, unfit systems, data handling and more. However, these hurdles can be overcome by working with the right partner.

Here, the Human Capital Solutions team within Citco Corporate Solutions companies shares five key areas where outsourcing can provide a benefit for your business as it grows.

1. Flexible deadlines

Staying in control of certain elements of payroll, such as timings and deadlines, is fundamental for aligning cycles in any business. We implement solutions built around your needs as a client, including our ability to set your own payroll deadlines and align with your schedule.

2. Tailor-made solutions

Some payroll solutions only provide a specific set of options that may not suit your business’ needs. We can create bespoke programs that allow you to receive a unique and optimized solution that addresses your unique requirements, leading to enhanced outcomes and a satisfactory experience.

3. Ending manual data input

Manually having to enter payroll data into an inflexible system on a monthly basis sounds antiquated, but it is a reality many businesses are still facing, which can take up valuable time and cause more mistakes. We can align to your preferred formats and enable documents to be uploaded to your systems directly, cutting out onerous data entry and reducing mistakes.

4. Communication with your provider

Liaising with your provider can sometimes be difficult and time-consuming, involving emails, creating e-service tickets and waiting for replies within a certain timeframe in order to not miss deadlines. There is a better way of working, as our team of specialists are at the other side of the line, ready to assist you, giving you a single point of contact and the ability to resolve your query swiftly and directly.

5. Flexibility

Sometimes issues happen last minute, and that impacts payrolls. Working with a flexible provider allows you to action requests such as a bonus payout or salary increase in the same month.

If any of the above strikes a chord with you, reach out to the Human Capital Solutions team at Citco Corporate Solutions companies to find out how we can help.

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