If you are using an outsourced payroll provider or considering such a service, it may be time to take a closer look at your numbers. As 2011 starts, I’m sure you are considering ways to lessen the burden and fear attached to quarterly and yearly tax filings. Or, you may be looking for a way to streamline your overall business processes. What you may not realize is that payroll outsourcing is NOT your only option and probably not even the best option out there. In fact, your company may be spending much more than necessary if you outsource payroll.
Some accounting teams consider outsourcing to avoid the responsibility of tax filings. In the past, handling payroll in-house meant you were responsible for printing forms, sending checks, and ensuring proper documentation is filed. Today, Microsoft Dynamics® GP has services that help you file your taxes while doing your payroll in-house. Another great feature now available includes online retrieval of direct deposit pay stubs, mailing of checks, viewing and downloading W2’s for your employees and the system can even automatically mail the W2’s, making sure you’re covered on all ends.
Not only is tax filing made simpler, your team can also reap the many significant benefits of doing payroll in-house including the following three important benefits:
Less Expensive Microsoft Dynamics GP Payroll software and implementation costs are incurred only in the first year of ownership, while the cost of outsourcing recurs indefinitely. On-going fees for an in-house implementation including all tax filing services are a fraction of the cost of outsourcing per year and you don’t accrue those added expenses, such as paying extra for reports and/or customized analysis of your data. Since your data resides at the outsourced service’s datacenter, you will probably incur additional costs when trying to retrieve any necessary but non-standard reports.
Access To Your Data When you make an investment in Microsoft Dynamics GP, you are actually buying a software license that you own as opposed to paying for a service, which you are “renting.” Because the payroll system belongs to your company, you also completely own the payroll data archived in the system. This means you can run any report or analysis you need at any time, and without any additional fees.
Many Add-on Features Available Microsoft Dynamics GP Add-on Modules are available for all types of specific business processes. For example, you may need time clock management or project accounting tracking. This is all available within Microsoft Dynamics GP, along with many more options.
When you do the math, paying extra for outsourced payroll doesn’t add up. Your staff is still responsible for entering and managing 95% of the payroll process and the outsource service just takes the data you give them to complete the tax filing tasks. With Microsoft Dynamics GP Payroll and Human Resources, and its easy tax filing services and employee self-service portal, you now have a much more secure, customized, and affordable option that will ensure optimal processes within your payroll department.
We will be doing a follow-up blog post with more details about how to calculate the ROI of bringing payroll in-house. There is a lot more to consider than just who and how the tax filings are handled. Contact us to learn more about Microsoft Dynamics GP Payroll.
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