Benefits of Outsourcing Your Payroll
Ensuring your employees get paid accurately and on time is vital to the success of your business. If you are looking to lower the stress of your accounting/payroll team and increase productivity, it may be time to consider outsourcing. How else can this benefit your team? Let’s take a look.
More money in your pocket
Employing a full-time or even part-time employee to man your payroll can be costly when considering salary and benefits. More often than not, you can reduce your payroll expenses by outsourcing. By doing so, you also eliminate the possibility of your payroll employee being out sick, taking paid time off or out on parental leave – all of which can impact payroll processing and its success.
Increased productivity
Payroll is no easy feat. It can be a time-consuming process that requires a significant amount of training, effort and dedication to ensure no errors are made. When outsourcing your payroll, you have the opportunity to focus on the bigger picture such as increasing your revenue, maintaining happy employees and providing quality services.
Whether you’re the business owner, in the human resources department, or on the accounting team, there are more valuable tasks that you could be spending your time on that could help maintain and improve the state of the company.
Cutting-edge technology
Software costs money and staying current with the latest software developments cost even more money. Payroll outsourcing allows you to benefit from the most up-to-date software without footing the hefty bill. Not only does great software lower chances of error and increase levels of security, it also provides you insights into your payroll that you may not be able to access otherwise.
Technology like this ensures your employees are paid timely and accurately each month.
Lower chance for error
If there is one thing known to be true, it is that nothing stays the same. This applies more than ever to government rules, regulations and changes in tax law. Payroll mistakes can be easy to make with changes happening so frequently. These mistakes can be costly, but professional payroll providers can provide you peace of mind.
It’s the business and responsibility of professional payroll providers to proactively keep you in compliance and notify you if said changes affect your business. They are there to provide you peace of mind.
Enhanced security
No one likes to think that they could possibly employ criminals, but there is always risk that can accompany in-house payroll. Those who work on your payroll have access to employee names, addresses, social security numbers, and bank account numbers. This could be a recipe for identity theft on top of the risk of embezzlement.
A professional payroll provider uses extremely secure servers with state-of-the-art encryption technology. Software of this quality can cost a significant amount of money that you could invest into other projects at your company.
If you are wanting the weight of payroll taken off your shoulders, it’s time to reach out to the Squire Advisory & Business team to start the conversation of outsourcing. We have experts with years of experience working closely with business owners and entrepreneurs. We take a one-of-a-kind approach ensuring that we guide you down the right path.