In recent years, many large sized companies have chosen or switched from outsourcing to In-house payroll solutions as they found in-house payroll solutions are more flexible and have more ability to control how payroll is produced and how reports are generated, especially for those companies with complex accounting requirements.
With the latest technology, you can easily keep up-to-date with the latest changes in tax rates and filing requirements. Payroll software provider provides ongoing tax updates throughout the year as long as you pay a small amount of fee to keep renewal of your license. As an employer, you are fully responsible for your in-house payroll processing to be done accurately and on time. If you do not deposit taxes on schedule or timely file necessary returns, you may face penalties for late payment. Following are benefits of having payroll In-House solution:-
- Accurate, timely payroll with a solid return on investment (ROI).
- Total control over payroll processing, including generating pay slips, income tax report and other required reports as well as managing all statutory compliances Maximum flexibility over last-minute changes prior to payroll processing.
- Comprehensive, customizable reporting to help you analyze compensation and plan for the future.
- More accurate data through integration with internal HR, accounting, and timekeeping systems.
- Fewer employee requests and questions through integration with online employee self service (ESS) that allows employees to access their own data easily.