5 advantages of outsourcing payroll services in Hong Kong
Delivering a critical business function like payroll in-house can be challenging. There’s no room for error. Employees must be paid accurately and on-time. The company must remain compliant. All in all, it can be a very time-consuming process to manage payroll in-house.
As companies grow, managing payroll can become even more of a challenge. In-house HR teams may be stretched and not have enough capacity to stay up-to-date with compliance. This is especially relevant in Hong Kong and the APAC region, where payroll regulations are complex and ever-changing.
The benefits of outsourcing payroll services add up significantly when you consider the costs involved in managing it in-house. After all, time is money. Increased efficiency makes a substantial difference to the bottom line.
While time and cost savings are key advantages of outsourcing payroll services, your company also stands to gain five other considerable benefits from outsourcing payroll.
Here are those advantages:
01 Continuity in payroll expertise
Professional payroll outsourcing vendors have extensive experience in processing payroll across a wide range of industries, and for companies of all sizes. This means that even if your company is growing rapidly or expanding into new countries, the accuracy of your pay runs will never be in jeopardy, and they will always be fully compliant with local labour regulations.
An expert payroll services provider will remove the need to waste time hiring and training a new payroll administrator every time your company experiences growth, or if one of your team members resigns. Instead, you can gain peace of mind from knowing that your employees will be paid on time, every time, by a consistent and dedicated team.
02 Access to unparalleled reporting capabilities
Comprehensive payroll reporting can make a real difference to an organisation. Having greater visibility into resource planning information, such as annual leave trends and overtime reporting, can be a game-changer for business planning.
In addition to having a platform capable of producing comprehensive reporting, a good payroll outsourcing vendor will provide regular reports and valuable insights for your business.
03 Enhanced data security and protection
The personal data stored in payroll systems is highly sensitive. Keeping this data secure and compliant with local personal data protection laws requires a significant investment, not only in infrastructure, but also in cybersecurity and personal data protection training for staff. Reliable payroll outsourcing service providers store their data on highly secure cloud-based servers to deliver maximum data security and protection. At BoardRoom, we look to operationalise, not just tick boxes when it comes to securing and protecting your data. It’s why:
- our team members participate in regular cybersecurity training sessions, as well as data protection training sessions every year;
- our data centres have achieved ISO27001; and
- our cloud hosting was awarded SOC 2 certification.
04 Minimised compliance and regulatory risks
In Hong Kong and throughout the APAC Region, HR teams need to factor in a multitude of compliance and regulatory risks when processing payroll. This complexity goes beyond calculating gross net salary correctly, extending to whether or not your company meets specific statutory deductions.
Complexity, coupled with intricate reporting standards, makes it challenging for even the most experienced in-house team to stay compliant. Payroll needs to be done on time and error-free every time to avoid time-consuming audits and costly penalties. A professional payroll outsourcing provider minimises your exposure to these compliance and regulatory risks.
05 Expert advice at your fingertips
One of the key advantages of outsourcing payroll services is gaining access to a team of highly trained payroll professionals. They can answer any questions you have and provide proactive solutions to any potential issues – all without the price tag of maintaining this level of service in-house.
Your company can also benefit from working with a payroll outsourcing vendor that offers a variety of integrated, value-add corporate services, including:
Gain the advantage: partner with an established payroll provider
At BoardRoom, we are experts at helping companies to gain an advantage through efficient, accurate and compliant outsourced payroll services. Letting us manage these services enables you to focus on what matters most in your company: growth and profitability.
Whether you are a large multinational corporation or a fast-growing SME, our team makes processing your payroll in Hong Kong easy. From local payroll services handling to managing substantial payroll obligations across the Asia-Pacific Region, we ensure your company remains compliant and that employees are paid on time, every time.
Speak to our payroll experts today about how to outsource payroll services for your company.
Related Business Insights
21 Mar 2023
Hong Kong 2023-24 Budget
As Hong Kong enters the post-pandemic era, the Hong Kong 2023-24 Budget laid out the plans and measures for pursuin …READ MORE
13 Jan 2023
The evolving role of company secretaries in Hong Kong
The role of the company secretary is evolving as the corporate world grows more complex. Find out how a skilled com …READ MORE
10 Nov 2022
How to take a strategic approach to regulatory compliance in Hong Kong
A strategic approach to regulatory compliance can help your business keep up with changes to local requirements whi …READ MORE