Payroll Management Outsourcing on the Rise in the U.S.
Payroll Management Outsourcing on the Rise in the U.S.A recent survey determined that payroll management and tax filing continue to be the functions most often outsourced by accounting and finance departments in the United States and Canada.
Outsourcing of payroll occurs at nearly half of U.S. and Canadian companies participating in the fifth annual benchmarking survey released jointly by staffing services firm Robert Half and the Financial Executives Research Foundation, the research affiliate of Financial Executives International.
Payroll management models tend to be a mixed bag among U.S. companies
Thisinfographic illustrates some of the more significant highlights of the survey:
Payroll management practices can still be streamlined
Paul McDonald, a Robert Half senior executive director, said in a news release, “What’s striking is the continuing high percentage of companies that rely on manual reconciliation of accounts—some with thousands of general ledger accounts.There is a significant opportunity for these firms to streamline the close and use their resources more efficiently.”
In their survey, Robert Half and the Financial Executives Research Foundation found that among U.S. respondents, accounting and finance managers average 47 hours of work per week, while non-management staff averages 42 hours per week. And these numbers are expected to increase under their current management models.
Outsourcing some or all of your payroll and tax processes can be highly beneficial
Considering alternatives such as outsourcing is increasingly becoming a cost-effective and strategic option. Accuchex can help you in managing your HR needs, payroll processes, and staying on top of compliance demands. Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.
