Payroll Processing Outsourcing | What is it, what are the benefits

What is outsourced payroll processing service?

Outsourcing your payroll processes involves employing a staff member or team of staff that’s external to your organisation. They’re able to take over every aspect of your payroll from timesheet collection and payroll processing through to administering pay slips, leave, tax compliance and superannuation. Companies often outsource payroll processing to offshore locations such as the Philippines.

Whether you’re a large business or small, outsourcing payroll tasks,allows you to focus on the more pressing matters that are core to their business success and growth. Offshore staff will take care of the very transactional and repetitive tasks associated with payroll, while your local team focuses on higher value work and tasks that will generate sales, increase revenue streams and improve client relationships.

Payroll processing by an offshore team, supports your local team and will cost your business less. Their tasks and responsibilities can include but are not limited to:

Processing weekly, fortnightly or monthly payroll
Reviewing timesheets
Ensuring accurate payroll transactions and payments
Maintaining accurate employee records
Preparing and dispatching pay slips and annual payment summaries
Inputting and updating leave, long service leave and other entitlements
HR administration including issuing contracts and letters
Managing WorkCover claims
Preparing and paying State and Federal tax obligations including PAYG tax, Payroll tax, Superannuation Guarantee contributions
Preparing monthly reports
General payroll enquiries
Working with required payroll software such as MYOB or Xero
Single touch payroll (STP) management and ATO reporting.

Why do businesses outsource payroll processing offshore?

Payroll processing is a fairly predictable series of tasks that are rules based, repetitive and transactional in nature. This makes it the perfect role to outsource offshore. It’s also very time-critical and relies on accuracy and efficiency.

Having a dedicated offshore payroll officer or team of staff, means that they are focused entirely on processing your payroll and any related HR tasks, and very unlikely to be distracted by other work. As a result, you can expect a timely delivery of payroll requirements with reduced inaccuracies.

By sending this back-office role offshore, you’ll be able to free up valuable time for your local HR team so they can focus on the more complex tasks associated with recruitment, performance management and team culture. Payroll often crosses over between HR and Accounting so it also frees up your accounting team to focus on invoicing sales, paying creditors and the overall financial position of your organisation. It also leads to increased job satisfaction for your local team members because they're focused on the more interesting tasks of their job roles.

Efficiency increase

By handing over transactional payroll processing tasks to the offshore team, you are providing your local team with the opportunity to take on more work. By dividing the total workload amongst the offshore and onshore teams, your businesses efficiency and productivity levels will increase.
Cost savings

By hiring an outsourced team to assist your onshore departments with these payroll processing tasks for a fraction of the price, your organisation's overheads and staff costs will dramatically decrease, by up to 70%.
Increase employee satisfaction

Payroll processing tasks can be quite tedious and stressful. By handing over these repetitive jobs to your offshore team, you will see an increase in employee satisfaction as your onshore team is now able to focus on what they were hired to do.
Business growth

By enabling additional capabilities through your offshore team, you will be able to provide your local employees with the capacity to take on more work. This in turn will lead to sustainable business growth.

What are the costs associated in outsourcing payroll processing services?

Outsourcing your payroll processing systems to the Philippines can represent significant cost savings of up to 70%. At Beepo, we offer a simple monthly fee to help you reduce your overheads and focus on growing your business. This monthly fee covers everything: including infrastructure, security, recruitment and training, management and staff benefits.

For more detailed information on costs, please arrange a business consultation so we can tailor a solution to your business needs.

The Beepo Advantage

Beepo is an Australian-based outsourcing company that offers businesses a distinct competitive edge with offshore staffing solutions. We take the time to understand the hardships our clients face when it comes to recruiting hard working, dedicated staff. The Philippines is renowned for its pool of finance and accounting talent, and we are adept at finding and recruiting the best of the best.

We recruit, onboard and manage your offshore team or team members while you maintain full control of their deadlines, deliverables and output. We also provide your staff with everything they need to complete their job up to standard to ensure they can hit the ground running when they start working for your business.

Our highly-skilled bookkeepers will make sure your day-to-day business transactions are recorded, organised and stored for you in an accurate and timely manner. Allowing your local team to focus on growing your business.