Comparison Guide: Outsourcing Payroll vs HRMS Cloud Solutions
Despite the importance of payroll in a company, many businesses are still unclear on the types of payroll solutions available and how to evaluate them to determine the best fit for their needs.
To help you decide whether outsourcing payroll or adopting a Human Resource Management System (HRMS) cloud solution is better for your company, we have prepared a helpful comparison guide below. But before that, here is an overview of each solution.
What does outsourcing payroll involve?
When a company outsources payroll, it hires a specialist payroll provider to handle some, or all, of its payroll functions. Outsourced payroll providers should offer a wide range of services to allow businesses to select the options best suited to their specific needs.
Outsourcing administrative payroll functions can streamline your company’s operations, allowing your HR team to focus their time on delivering key strategic imperatives.
What does an HRMS cloud solution involve?
An HRMS cloud solution, such as BoardRoom’s Ignite HRMS, offers an all-in-one payroll platform that automates in-house payroll processing.
Typically, small businesses will choose to manage employee databases and payroll processing in-house, while the payroll software vendor will manage data backups and software upgrades.
Pricing models vary depending on the quality of the HRMS cloud solution. Most commonly, software vendors offer subscription-based, ‘pay as you go’ pricing.
Looking for a payroll solution that best meets your company’s needs?
At BoardRoom, we offer the best of both worlds. Our team of experts can manage all aspects of your payroll, while our advanced HRMS cloud solution, Ignite HRMS, is an all-in-one platform that automates and streamlines payroll processing. This means that we are able to offer a seamless payroll solution for all stages of your company’s growth, from a newly established start-up to a mature multi-national corporation.
Speak to our payroll specialists today about how we can tailor a payroll solution to meet your company’s specific needs.
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