More businesses are choosing to outsource their payroll needs to focus attention on the core functions of their business. Non-core functions do not directly affect the success of a business. Payroll and administrative activities are considered non-core activities, which is why business owners are encouraged to outsource them.
Business managers understand the importance of streamlining non-core functions, but many are still unsure about the benefits they can gain by delegating payroll tasks. Is it really worth the time and effort to research payroll companies and transition to a third party?
Let’s explore the advantages of payroll outsourcing and the direct ways it can benefit your bottom line.
Payroll requires substantial time and attention, even if your business is small. You are required to input data, check for errors, and ensure that you are in compliance with the latest federal, state, and local laws. All of this takes time, which could be better spent on the operations of your business. By hiring a third party to handle your payroll needs, you free up valuable time.
One of the main reasons why businesses perform their own payroll needs is to save money. But, outsourcing payroll can actually save you money! Here’s how. Consider all of the tasks that you must perform:
- Entering data and calculating payroll
- Printing, signing, and delivering paychecks
- Generating accurate reports for accounting
- Preparing payroll taxes for government agencies
- Reviewing the latest tax regulations
Now imagine that all of these responsibilities are delegated to an outside company, and you can focus on growing your business!
Not only is payroll a time-consuming task, but it’s also a risky one. Identity theft and interference with company records are serious matters to consider.
Another issue is the payroll software that you are using. Is your confidential payroll data stored safely? Do you have multiple server locations and backup? Payroll providers put your mind at ease, as they have reliable systems for storing and securing data.
Stay in Compliance
Most businesses are not experts when it comes to government tax regulations, but the government won’t care if something goes wrong. As a business, you are expected to follow the laws, otherwise, you could face hefty audits or penalties.
Rather than paying out additional money, protect your business with a payroll service. Payroll providers are expected to keep up with the changing rules and regulations, which means your business will always be in compliance.
Get Professional Expertise
Professional payroll companies know all the details of payroll processing. If you have questions or concerns, your provider will be happy to answer them for you. A third party can also hook you up with conveniences, such as direct deposit and the latest version of payroll software. This keeps your business running smoothly.
Abel HR is happy to handle your payroll needs. To learn more about affordable, convenient, and state-of-the-art payroll processing, give us a call today at 800-400-1968!