These days every business is looking for ways to reduce costs, increase efficiency and overall be more productive. Within these objectives is something that is often overlooked — especially if your business is fairly small — payroll. Most businesses start out doing their payroll in-house, as they probably should begin. However, as your business grows, so does the complexity of the payroll process, the time it takes, the money it takes and resources it takes to get the job done. Here are five ways a payroll company can help you offset rising wages:
Outsource To A Payroll Company
It reduces overhead
If you are a small business owner, chances are that you do everything from cleaning to working long days to doing the payroll for your employees. When you start to grow that business and gain more employees (and we know you will) you will probably begin to think about hiring someone to take on those responsibilities. While hiring more workers to cover hours and someone to maintain your workspace is a good idea, you should consider hiring a payroll company for their expertise as well. Doing so frees you up to add another employee for something that may be more important to continue to grow your business (revenue generating activities). Or, it may simply save you the associated cost of adding an extra head to your staff.
Your stress level will go down
Hiring a payroll company to process your payroll, quite frankly, will reduce your stress. Look, business owners are chronically stressed as-is – it comes with the territory. But making proactive efforts to minimize that stress can optimize your productivity so that you can focus your talents on profitable areas of your business. The payroll company takes on the responsibility of making sure it is done correctly and that your employees stay happy. Trying to complete your everyday tasks PLUS spending the time necessary to calculate payroll and process it correctly is not fun. You need to focus on your business, let us focus on processing payroll.
You also don’t have to worry about filing payroll taxes, a qualified payroll company will do it for you and provide W-2 information for your employees, all while you focus on growing your business.
Payroll companies offer more perks
We can take care of things that you do not have the time to think about. Many times direct deposit is not thought of as a big deal, but it is. All of us are busy in the 24/7 world we live in now. Employees don’t want to worry about getting to their daughter’s soccer game in time, their son’s play, and their date night with their significant other AND have to worry about cashing their check on payday. Being able to offer direct deposit is just one of the perks that comes with partnering with a payroll company.
Another thing a payroll processing company can offer is up-to-date technological advances and updates. We worry about making sure our software and tax tables are squared away, you don’t have to. Using the wrong tax tables can lead to big headaches down the road, including penalties from the IRS. You want to avoid those and focus on your business.
It is a group effort
By hiring a payroll company, you not only get our expertise on payroll in general, but you do not have to worry about years of payroll and company knowledge walking out the door. Maybe you have decided to stop dealing with it yourself and instead hire an employee to do it for you. What happens if that employee leaves, becomes ill or is otherwise unavailable when someone has a payroll question or there is an issue? If you outsource your payroll, you do not have to worry about that. All of the employees’ and company information is accessible for us so there will be none of those hiccups.
Comfort is in security
We have mentioned this several times, but you need to focus on your business. You can take comfort in knowing that your company’s information and your employees’ information will be secure when you hire us to process your payroll. These days with cyber-attacks on the rise, you should put your trust in a company that prides itself on being secure. Payroll information can be incredibly sensitive and should be a top priority in terms of security. While that is obviously still important, your employees can breathe a sigh of relief knowing that their information will not be compromised, and you can too.
There are many other advantages to having us be your go-to for payroll, but the ones we have mentioned are some of the most important reasons to considering outsourcing payroll. If you have any questions, do not hesitate to call us. Or even better, if you are ready to have us take the burden of payroll off of your shoulders, give us a call! You will not be disappointed.