Payroll Outsourcing a Valuable Tool for Today’s Nonprofits
Small- and medium-sized businesses are not the only companies that can benefit from outsourcing payroll and other administrative functions. Amid challenging economic conditions, outsourcing these tasks can help a nonprofit organization streamline its operations, increase productivity and focus on its core mission.
Using an external provider for payroll, human resources and benefits administration provides cost-effective expertise to small or budget-conscious nonprofits, according to Balance Point Payroll, a payroll outsourcing firm serving the needs of clients throughout the New Jersey/New York area.
“Nonprofit organizations are unique not only for the services they provide, but also in how their payroll and IRS filings are managed,” said Pete Luciano, founding partner and vice president of sales for Balance Point. “A nonprofit’s cash flow also is different than that of a traditional company, and tax laws related to nonprofits are stringent and specific. For example, when a nonprofit receives a grant they need to be able to clearly look at those funds, see where the monies came from and how they are being allocated. The reporting functionality that an outsourcing firm can provide simplifies this process.”
In an era of growing social needs and shrinking resources, new financial pressures are forcing many nonprofit organizations to do more with less. Outsourcing not only allows nonprofits to save money, but also to focus more attention on revenue-generating responsibilities and maintaining a culture of staff retention and donor satisfaction.
“Many nonprofits are very stressed from a management standpoint. Providing them with administrative resources can have a tremendous impact,” said Luciano, who represents a large number of nonprofit clients. “Especially as an organization grows and becomes more strained in certain areas, it can become difficult to keep a positive culture for employees. It’s a situation many nonprofits today are struggling with.”
Luciano was recently interviewed by Todd Polyniak, CPA, partner with Sax Macy Fromm and creator of Fist to Five Enterprises. During the interview, Pete shares with nonprofits the lessons he learned through growing a business from four employees and zero clients to 43 employees and 2,000 clients.
“A ‘Virtual Fist to Five’ is a place where nonprofits can gather useful information from interviews of both leaders in the nonprofit industry and those of us who service them,” said Luciano. “Balance Point is always looking for opportunities to support the nonprofit community by offering our insights on the changes and trends that we see in our own clients.”
To view Pete’s “Virtual Fist to Five” interview, visit Polyniak’s website at www.fisttofive.com.
About Balance Point Payroll
Balance Point is one of the fastest-growing payroll outsourcing companies in New Jersey, serving the needs of clients throughout the New Jersey and New York areas. The privately held firm offers custom payroll, time and labor management, and human resources solutions for small- to medium-sized businesses. The company’s personal, hands-on approach focuses on simplifying and enhancing the payroll process while building long-term relationships with clients.
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