From the course: Applying Managerial Accounting
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Case study: Insource vs. outsource payroll
From the course: Applying Managerial Accounting
Case study: Insource vs. outsource payroll
- There's no better way to learn a new concept than by way of a real-world example. So join me on this journey as we solve a common business dilemma. Should be outsource one of our corporate functions? So how about on this occasion we use payroll as our example. Now, before we start running off to build a financial model, I know, it's exciting, I love financial modeling too, but let's pause to remember something really, really critical here. Managerial accounting is about preparing high-quality information to enable numbers-driven decisions to be made with confidence. These decisions can have a huge bearing on the bottom line, and the legacy can live on for many years to come. What I mean by this is a decision to outsource payroll can't suddenly be unwound if after a year we realize it's costing us twice as much as expected. And this happens far more often than you'd think. As one of my clients said to me, "I just wish I…
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