Payroll may be the single most important function of your company. Without good employees, your product or services won’t have the impact you intend them to have in the market place. Employees at every stage do all the critical work to ensure your success. That’s why ensuring a timely and accurate payroll process is essential to running a smooth operation. Here are some of the ways your company can benefit from outsourcing your payroll function.
Save Processing Time
If you handle your payroll process in-house, you’re intimately aware of the time it takes to process. On top of the basic process to collect weekly time cards and input the information, you also have to handle the process of tracking down missing time and conducting quality control on the data entry.
This is a time-consuming activity that takes away from your ability to grow your business. When you outsource this process, you automatically free up that time to apply it to operations and sales.
Reduce Overall Costs
In business, time is money. Every hour you spend on processes like payroll are hours that could be spent earning money instead. The total cost of time it takes to calculate employee hours, make the proper deductions, print and distribute checks, and handle all tax payments is something to consider when looking at outsourcing.
When all of this is handled through the cost of the service, you save more money than you spend. The cost of outsourcing will quickly pay for itself when you find you’re able to reapply your time to other aspects of your business.
Ensure Your Data Security
It’s not a surprise that data security is a critical issue for many companies today. And with payroll processing comes access to very sensitive private information. Employee records are accessible for anyone who handles your in-house payroll process. Beyond human interference, you also have to look at the security of the software you use. Even slightly out-of-date software is at risk for data breaches.
Having this level of data security on-site is expensive. But when you outsource to a company specializing in payroll processing, you are guaranteed they are utilizing the latest technology in data privacy.
Maintain Government Compliance
Payroll mistakes are easy to make when you’re not a payroll expert. They may not be intentional, but they could be catastrophic. Complying with government regulations around taxes and other employment rules is critical, and even small errors put you at risk for an audit or penalties.
Working with a company to outsource your payroll process also gives you access to experts in payroll taxes. They are dedicated to processing payroll, understand the most up-to-date regulations and will ensure compliance.
Could payroll outsourcing be right for you? Let’s team up.
Contact Anserteam today for a free consultation
Anserteam Workforce Solutions represents North America’s very best staffing agencies aligned together to deliver world-class workforce management solutions. We offer end-to-end talent services that can be customized for any size business, from total MSP administration to payroll management and RPO consulting. Is your organization seeking a WBENC-certified diversity partner to provide measurable results and substantial cost savings? Contact us today.