The Benefits Of Payroll Outsourcing
Payroll operations are complex and time-consuming, which is no doubt why businesses often opt to use a payroll outsourcing service.
While concerns regarding confidentiality or in-house cost effectiveness are valid, companies are sometimes poorly informed about their options. Don’t succumb to these misgivings. Many payroll service companies are professional, efficient, and reasonably priced.
Payroll Outsourcing Benefits
Hiring An Outside Service Saves You Time
Allowing experts to manage your payroll leads to an abundance of time and energy that can be invested elsewhere. Resources would not need to be dedicated to the processing of payroll, writing and distributing checks, and calculating and paying taxes.
Instead, they can be attributed to improving customer service and launching new marketing campaigns, which can help you effectively grow your business.
Outsourcing Your Efforts Can Actually Save You Money
Processing payroll internally can be surprisingly expensive when accounting for all the staff resources involved.
Cost assessments tend to indicate that outsourcing payroll management is more financially sound than in-house processing. These assessments also do not consider the likelihood of increased revenue due to more employee power being focused on business instead of payroll.
A Full Team Of Experts Will Help You Avoid Penalties
Withholding and paying federal and state taxes, in addition to maintaining knowledge of ongoing changes to relevant rules and regulations, can be complex and confusing.
If your business performs these tasks incorrectly, you may be penalized at 100 percent of the balance owed, and may be ordered to pay interest. Legal prosecution is even a possibility.
The employment of payroll providers significantly minimizes these risks. They may sometimes be liable for errors.
Who’s Doing Your Payroll?
Payroll Processing Companies Provide A Range Of Services
Primary options include:
- calculating payroll and tax obligations
- printing and distributing checks
- completing reports
Many firms also offer automatic check signatures, direct deposits, and the issuance of W-2 forms, for example.
Because every business is different and has unique needs, it is critical to ensure that a given provider is prepared to meet those specific to your business.
Factors When Outsourcing Payroll
When choosing a payroll processing firm, there are several factors to consider.
A high level of customer service should be available, for instance, to ensure accessibility and open communication. The firm should also be bonded to protect against the possibility of financial mishandling.
Balance Point is committed to such security, and more.
For example, our Certified Payroll Professionals and Singularity Solution can streamline payroll management and provide needed support information.
The solution’s features include a single database, point of contact, and sign-on. It can be conveniently accessed through mobile devices, and contains an applicant tracking system, onboarding, enterprise-grade time, and labor management, health care reform reporting, and benefit enrollment with carrier connections. Each of these components contributes to the elimination of errors and delays.
In addition to these comprehensive services, all information is kept safe.
All transmitted data is encrypted, and is protected by high-quality backup (including impressive redundancy and diesel generator) and firewall technology.
Verification and confirmation reports are also available to confirm and verify tax and other payments. Services are wholly scalable and customizable, which allows solutions to expand and grow with the client.
Learn More About Your Payroll Outsourcing Options
Now that you have more information on the benefits of payroll outsourcing, you may have specific questions for your company getting started or possibly making a switch to a better option.
Our payroll experts are available to educate you on the best solution tailored to your company with a free consultation.
Click below to get your payroll outsourcing questions answered.