Payroll – Should you Keep it In-House or Outsource? As a small business owner, deciding how to process payroll can be a difficult decision but with a bit of information and know-how, you can determine what the most cost-effective solution is for your small business needs. Good Reasons to Run your Payroll In-House 1. Make the most of your existing staff. If you have enough employees, appoint a team to handle the payroll process. 2. Keeping payroll in-house has an important advantage to consider: If you need to make last-minute corrections to an employee’s paycheck, it can easily be done before the check is printed or direct deposit takes place. 3. In-house payroll gives you total control over data confidentiality. You don’t have to spend sleepless nights worrying about data security….for a price. If you aren’t prepared to keep things secure then outsourcing might help avoid costly data security problems. 4. Enjoy direct access to payroll reports or create your own data-analysis documents without the need for intervention from outsiders. Good Reasons to Outsource your Payroll Processes 1. Let a third-party worry about time-consuming administrative tasks. You and your team can focus on core business activities. 2. Get immediate access to specialists in payroll without having to pay annual salaries. 3. Let someone else stay up-to-date on ever-changing legislation and government regulations. 4. Avoid stiff penalties as a result of making minor errors. Leave that burden in the hands of an outside agency. 5. If your staff that runs payroll up and leaves, you can be in deep trouble. When you outsource payroll, you minimize the risk of losing key information along with your staff.