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You are an accountant for Chaps Accountants, Inc. You have been tasked with managing the costs...

You are an accountant for Chaps Accountants, Inc. You have been tasked with managing the costs of the payroll department so that staffing levels will remain the same even if funding levels change. You consider outsourcing the payroll to a payroll processing company. What are some factors you should consider in outsourcing the payroll function? What are the advantages and disadvantages of outsourcing payroll?

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Answer #1

Why outsource your payroll?

1. Free up time for core activities

2. Reduced costs

3.Avoid penalties

4. Confidentiality

5. Reliability and continuity

BENEFITS

1. Zero upfront cost

2. No software to buy, no installation is required

3. You don't need to buy services

4. No need to maintain trained IT manpower

5. Data is secured and confidential

6. Accuracy of data and specialized services

DEMERITS

1. Loss of control

2. Lack of company identity and familiarity

3. Additional cost

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