The value of Paymaster co-sourcing over traditional outsourcing
When you make the decision to outsource your payroll the decision is made on the need for convenience, security, expertise and of course cost. There are outsourced payroll solutions and then there are outsourced payroll solutions, all claim to offer the same but more and all claim they will save you time and money but do they really?
The overriding reason for outsourcing payroll and even HR is because of the skills or rather the lack of in-house skills or the cost of employing such skills. When a company reaches a certain point the cost of hiring the skills becomes more viable but for most companies the payroll and HR skills are just a little out of reach or the cost can be better used elsewhere, even for the company that does have HR staff and payroll managers the thought that it can be done in a more cost-effective manner has surely crossed one’s mind.
Outsourcing is one thing but partnering and thus co-sourcing with a payroll or HR solution provider is another thing all together. Co-Sourcing is the Paymaster Unique Selling Point and the differentiation between it and other outsourced Payroll providers. Having someone do the work for you is a good thing but having someone do the work for you and with you is better, do you agree?
Yes, Paymaster will email the payslips and the required reports each month or as you require and then they deliver a little extra, the extra that makes all the difference not only in Payroll but for HR too. Â Below is what differentiates Paymaster Payroll from the rest:
| Description | Paymaster outsourcing | Traditional outsourcing |
| 24/7 Secure Access to all your data | Real-time Data .Full access to all your payroll and human resources information from any connection at any time, reports and data maintained in real-time, no need to wait for servers to be updated nightly | May offer a limited online data entry portal to input payroll hours with some post-payroll reports at a specific day and time. Standard reports typically available next day. May require that you call or fax in payroll information |
| Error Handling | Identify any errors using pre-pay reports before you print and finalize payroll. Edit and recalculate an unlimited number of times at no extra charge. No significant time delay. | Identify errors after payslips arrive. Extra charge to reprint checks. Payroll is delayed. Employees upset |
| Reporting | Extensive, easy to read payroll and human resources reports. Plus custom report writer so you can create your own report now at no extra charge | Standard basic payroll reports. Extra charge and significant waiting period to create custom report for you |
| HR Records | Keep all H.R records on line. Easy to access all employee information on line including training and disciplinary record. | HR functionality typically not available Some offer at extra charge |
| On line Documentation | All original documentation uploaded to the cloud. Contracts of employment I.D Books, disciplinary records always available.
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Alternative: manual files in unsecured filing cabinet. Need a document – you need to get access to the physical file |
| Employee Self-Service | Employee portal available as part of standard service; employees can view payslips, IRP5 certificates, leave balances. Apply for leave online and manage their biographical details | Employee portal may be offered at extra charge, if available at all |
| HR and payroll Expertise andadvice | Answers your HR and payroll questions from trusted experts in their field. Articles available as well as on line documentation free of charge | Not offered or limited articles available at extra charge. Alternative: hire employment lawyer or HR manager. |
| Tax filing, UIF declarations as well as third party payments (pension, Medical, garnishee or industrial council payments) | Sit back Relax Paymaster does it all including the reconciliations and query handling | Handles filings and deposits. |
| Integrating Payroll Calculations into General Ledger | Download file to import into industry standard accounting packages such as Pastel or QuickBooks | Limited GL reports may be available for an extra charge for you to re-key into your accounting package |
| Extra Pay Run | Run an extra set of payslips such as a bonus or commission payroll at no extra charge | Extra charge for additional payroll run |
| Payslip Delivery | Print any number of payslips when you need them | Wait for payslips to be e-mailed or delivered. |
| Direct Deposit | Unlimited to multiple employee bank accounts at no extra charge | Typically offered for an additional charge. Often employees are limited to a number of accounts |
| Live Customer Support | Customer support is handled by live personnel usually within 4 hours, sooner when urgent | Customers support may be 24-48 hours by e-mail only |
| Pricing | Flat fee per employee per month Easy to determine how much you are being charged. | Basic fee with additional per-event charges (such as reprints) typically with no cap or limits |
| Add New Employee to Pay Run | Add a new employee to pay run. No extra charge | Extra charge for new employees |
| Event Reminders | Tag employee events so you will be automatically reminded of upcoming events such as employee reviews and training. | Not offered. Limited to payroll only |
| Payroll administrators | You will be assigned your own payroll administrator | Whoever is available will process your payroll. |
There is always a choice, there are other payroll providers however experience in the industry and the extra benefits of a solution from Paymaster are worth considering. Perhaps it is time to review your Payroll partner and have a closer look at Paymaster. With the additional HR Benefits, system functionality with trusted expertise Paymaster stands out as the only complete co-sourced solution with no hidden costs or fees and without the limitations other providers put in place.
Are you ready to consider Paymaster?