Staff Leasing Payroll
In today’s trend, companies opted to engage in outsourcing. Staff leasing is an outsourcing business where employees are leased to another company (new employer) for various functions. The companies agree to lease the staff and employ them in their business to perform essential functions. With staff leasing, it is a win-win case for both the employers (old and new) and the leased employee.
What is a Payroll Accountant
A payroll accountant is an individual responsible for the preparation of statement salary of employees then prepare and issue paychecks. They are in-charge of payroll related activities such as daily deposits, monitoring of the released and encashed checks, and credit card-related activities, among others. Payroll accountant acts as a liaison officer that performs financial-related activities within the organization and between the company and the government.
Why Staff Lease Payroll?
There is a need to staff lease payroll to reduce the workload of existing employees in the organization. Hiring a full-time employee to take care of the company’s payroll system can be taxing and requires a great deal of knowledge in accounting. With staff lease payroll, the staff from the outsourcing company will now be responsible for payroll-related functions of the organization. Also, with staff lease payroll, the organization does not need to create a new department (like HR or accounting) to handle the payroll of the employees within the organization.
How much should staff leasing payroll cost for a small business?
Some of the staff leasing payrolls charge a fixed fee per employee per month, which is based on direct costs per employee and the service fee. The cost is highly dependent on the accountant's position, its title and the scope of his duties and functions. Based on PayScale.com, in August 2019, the salary for a payroll accountant is about $39,000 up to $71,000.
Reasons for staff lease payroll
Deciding to staff lease payroll brings many benefits to both the staff lease payroll provider, the employer and the staff. The provider and the employer co-exist as both are partly employers of the staff. The staff employed can work with the payroll of the new employer using the technology or system provided by the staff lease provider. The new employer does not need to hire and train staff to perform the said functions, as well as, no additional infrastructures or no new department is required since the provider will take charge of that.
Different services and a payroll accountant does
Magellan Solutions offer various staff leasing services like payroll. Magellan Solutions payroll accountants are guaranteed professional and are highly trained to manage the payroll system functions suited for your company. We already have our own payroll processing system, but should you wish to utilize your existing payroll system, that will not be a problem.
Different softwares used in payroll processing
There are different softwares used in payroll processing, each has its own advantages over the other. These softwares used in payroll processing are developed to meet the needs of a company or an organization. Some of these payroll system include Gusto, Onpay, Patriot software, Paycor, Sage 50cloud, QuickBooks Payroll, EPAY Systems, ADP Workforce Now, Xero, Dayforce HCM, Paybooks, HRAPP, Zenefits, Zoho Payroll and Namely.
Why hire a payroll accountant in the Philippines
It is recommended to hire a payroll accountant in the Philippines because aside from the lower cost of hiring a payroll accountant in the Philippines, Filipinos are known to be efficient with our works as we are flexible, can work under pressure, honest and can communicate better with foreign clients. Magellan Solutions is composed of Filipino employees that are sure to meet the requirements you require for a payroll accountant without the need to pay high rates as compared to other service providers that employ non-Filipino employees.
Being in the industry for about 13 years means that we are reliable when it comes to providing payroll accountants.