How does outsourcing help to overcome challenges with payroll?
If you are a business owner, you know that running payrolls can be a lengthy, labor-intensive and risky process. Tracking jobs, hours and PTO can be complicated and time consuming. If you offer benefits, you likely understand how complex this task can become as it often very difficult to determine what employees should have in terms of which benefits they are owed. There is also a lot of risk involved as complicated and ever-changing tax laws can make it difficult to stay compliant. However, by outsourcing your payroll to a trusted provider, you will completely offload the risk and burden of payroll taxes from your plate and onto the professional’s. Outsourcing your payroll also puts a significant amount of time back into your hands as you are not spending large chunks of time calculating hours, PTO and benefits. Outsourcing your payroll to an experienced provider allows you to eliminate the headaches and risk that come with running payroll.
Why is it important to handle payroll accurately?
Making payroll mistakes can be costly in many ways. According to an online study, 24% of employees looked for a new employer after just one payroll related mistake. Another 50% said they would look for a new job after two payroll issues. Inaccuracies with payroll can also cause legal troubles and expensive penalties from the IRS. Outsourcing your payroll to a trusted provider can help you retain happy employees and avoid government penalties.
How can outsourcing my payroll reduce my tax risk?
When you outsource your payroll, the payroll taxes, quarterly taxes and W2’s are all handled by your payroll provider. Therefore, your provider assumes all of the risk for these items, thus taking the liability off your plate. If there are any errors, late fees or any sort of penalty, it is up to the provider to pay the penalty, not you.
So in order to offload a considerable amount of tax risk and headaches, outsource your payroll and let the experts handle taxes.
How does outsourcing payroll help reduce the headaches of running a business?
Did you know that one in three businesses handling their payroll in-house will pay a penalty to the IRS?
While this statistic may be shocking, it’s true. In order to avoid becoming part of this painful statistic, consider enlisting the help of the experts. By outsourcing your payroll, the risk is offloaded from your plate. Your payroll provider will take the responsibility for the tax filing, ensure that employees are paid accurately, and take over the responsibility for any reports or garnishments as well. In order to have peace of mind when it comes to the payroll process, consider enlisting the help of the experts.
What are the differences between hiring a local payroll provider and a national provider?
Hiring a national payroll company may give you a sense of security as you may recognize the name on your paychecks. However, the difference that people tend to find is the level of service. Most national payroll companies tend to use a one size fits all approach. You will be given a package of software and sent on your way, if something goes wrong you will most likely have to call an 800 number. However, with a smaller local payroll provider your needs will be assessed and your payroll account will be setup according to your unique situation. You will have people there to help you throughout the entire process. These are people who are a part your community as opposed to someone sitting in a call center in a large city.
How can outsourcing payroll help to retain employees?
How can outsourcing payroll and HR help to retain employees?
Retaining employees is one of the biggest issues that businesses face currently. Outsourcing your payroll ensures that your employees will be paid on time and accurately. Outsourcing your payroll allows employees to access their paystubs and pay information online. They can also ask for time off electronically and see how much will be deducted from their account on each paycheck for 401K, health insurance, etc. This allows your employees to have a hands on approach to their pay and benefits giving you an advantage that many other companies don’t have.
What are the benefits of outsourcing payroll services?
Outsourcing your payroll can save you a lot of time, money, and headaches. It can also help you mitigate compliance risks. When you outsource your payroll services your payroll taxes, quarterly taxes and W2’s are all handled for you eliminating the risk of costly penalties. Outsourcing your payroll allows you to streamline and automate your processes as well. Wage garnishments, tax credits and insurance deductions can all be done automatically saving you time and money. By automating the payroll process, you can also cut down on your businesses’ amount of time spent on payroll to as little as 30 minutes per pay period.