Did you know that 35 percent of small business owners cite payroll as one of their biggest concerns and time-wasters? Payroll can be a costly and time-consuming process for many businesses, especially when you have a small number of people to do it in-house.
If you find yourself spending too much time on payroll services, then you may benefit from outsourcing payroll. Are you interested in freeing up time and resources for other important parts of your business? Here are some of the perks of using a payroll company to outsource payroll.
Increase Staff Bandwidth
If you have staff that processes the payroll, you can use their bandwidth better for other tasks that you cannot outsource. When staff gets overwhelmed with payroll issues, they can overlook other important aspects of their jobs. This could cause a backlog in multiple areas of your business.
A payroll company can take that weight off of the shoulders of your staff. That way, the staff can turn their attention to their core responsibilities, rather than dealing with payroll.
Save More Money
Even if you think you save money by keeping payroll processes in-house, it could actually be cheaper to outsource payroll to a third party. You should calculate the exact amount that your company spends on payroll and compare it to the cost of a payroll company for in house vs outsource numbers.
For instance, when you add up the payroll costs within your business, you need to factor in the amount of time that staff uses, the software needed, and every other step in the payroll process. It might surprise you to find out how much cheaper managed services are for payroll.
Use Experts for Complex Issues
Payroll can be a daunting task if you are not equipped with the necessary skills and experience to get the job done. You need to keep up with regulations, tax rate changes, and legislation that could all affect how your business processes payroll for your employees.
Bringing in a payroll company can relieve the stress and burden of managing complicated payroll issues. In addition, payroll experts can let you know how any updates in the law or industry will impact the functioning of your business.
Secure Sensitive Information
Although you should always ensure that your office information is safe, payroll services can be more secure. A payroll company will ensure employee information remains under the best protection.
If your company suffers a data breach, then that employee information can remain safe from harm if it is with a third party rather than in-house.
Level Up Your Business With Outsourcing Payroll
You should not have to waste internal time and resources on your payroll processing. With these benefits, outsourcing payroll is the best way to go for your business.
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