Employers: here’s why you should outsource payroll...

Many demands come along with handling your company payroll internally. One needs to stay up to date with payroll legislation, file mandate forms on time, and ensure the least possible errors.

Many businesses have recently considered outsourcing several operations for numerous reasons, primarily to reduce costs and manage such tasks more accurately. Therefore, when outsourcing payroll services, your business can focus on aspects that will directly affect its future and development.

Payroll plays a vital role in any company, as it solidifies the relationship between an organisation and its employees. Paying your employees accurately and on time will increase morale and focus—not to mention that it is a legal requirement to remunerate workers on time. When outsourcing, you can guarantee accurate payroll.

Outsourcing payroll is worth the investment for a myriad of reasons. Here are a few:

It saves you time and money

Processing payroll in-house is not only time-consuming, but quite tedious as it requires a lot of attention to detail. One has to manage large amounts of data, ensure no miscalculations, and stay on top of any new laws or updates.

Outsourcing this service also allows you to spend more time on high-value tasks that will directly profit your business instead of spending time adding up timesheets and processing payroll.

PayrollMalta will take over your complete payroll process, with minimal effort from your end. PayrollMalta generates electronic payslips, which will be sent to each employee and will transfer direct payments to employees' bank accounts, accurately and on time. Our team aims to provide the best and most seamless payroll service possible.

Ensures compliance

Keeping up to date with the ever-changing employment regulations and taxation requirements is challenging. Not to mention, failing to comply with such laws can result in hefty penalties and possibly even lawsuits. By outsourcing your payroll, you can rest easy knowing that payroll experts will handle and prepare your payroll data.

Payroll professionals are required to stay up to date on changing regulations. Therefore, when outsourcing, you will reduce the possibility of mistakes and ensure that your payroll is prepared precisely every time.

Our team of payroll experts can guarantee that all taxes and payments due are correctly calculated, filed and paid on time, avoiding any pay cheque errors or late penalty fees. We also liaise with relevant government entities and submit monthly and end-of-year forms to the Commissioner for Revenue.

PayrollMalta, keeps up with the latest employment law and regulations. We inform our clients and guide them to implement any changes required for their employees' salaries.

Decreases risk

Handling payroll means handling extensive and sensitive employee data that needs to be kept secure. When managing your payroll in-house, you need to be vigilant of any identity theft and embezzlement risks. A payroll administration company will already have a corporate procedure in place to process such data, a state-of-the-art system with top-notch cybersecurity levels, and professionals who are fully aware of cybersecurity.

Payroll systems can easily be in the crosshairs of cybercriminals. Not to mention, such sensitive data can be unintentionally (or intentionally) mishandled or leaked. An external, reputable company will take full responsibility for managing your employees' data privacy and is an extra security layer to your business finances.

PayrollMalta considers the security, safety and reliability of our partner company's data their main priority. We use industry-leading software and hardware solutions to store and protect your data.

Your payroll in expert hands

Hiring payroll professionals who are payroll experts will put your mind at ease, as they will take care of every single detail with your payroll processing. PayrollMalta can support you with complex ad hoc payroll reporting and help troubleshoot any payroll query.

Ultimately, outsourcing your company payroll will deliver peace of mind, give you more time to focus on crucial business matters, save you money and reduce compliance risk. Want to start outsourcing your payroll? Get a free quote today.