Switching from in-house payroll to an outsourced payroll service can seem intimidating. After all, you and your employees depend on payroll to be done accurately, on time, and with an eye for long-term growth. However, this is actually why a business should outsource payroll – making this move can help achieve unprecedented changes that allow you to save time and money while reducing stress.
In this piece, we’ll cover:
Armed with this knowledge, you’ll be able to make the best payroll decision for your small business.
If someone told you that you could snap your fingers to save time, give you more money to work with, and reduce your stress in your business, it would be a no-brainer. This is typically what outsourcing payroll can do for a small business owner – but instead of snapping your fingers, you need to find a reliable payroll provider to work with.
Much of the results aren’t instantaneous, but outsourcing payroll has numerous short and long-term benefits that can allow you to optimize your business for growth.
One of the biggest hurdles to get over when deciding to outsource your payroll is considering the pros and cons of working with a third-party payroll service. Let’s compare them side-by-side:
Related: In-House Payroll vs Outsourcing: How to Decide
Even the most basic math supports outsourcing payroll as being cost-effective for small businesses with multiple employees. The cost of payroll software, storage, and the hours it takes to aggregate data and file taxes is typically more than an outsourced provider.
Once you start learning the data behind loss-prevention, employee retention numbers, and other long-term compliance metrics, it becomes clear how much money your business can save by outsourcing. If you are still feeling unsure about taking the next step, determine your current in-house payroll cost and then get a quote from an outsourced payroll provider – the numbers might shock you.
Outsourcing payroll costs will be based on your employee count, payroll needs, and other resources included in the service. There is no set price, but you can get extremely accurate estimates up-front from high-quality providers.
You should be able to quantify several tangible savings that come from switching payroll out-of-house – but there is also a significant benefit to the morale and reduced burden that you and your staff will have. With the right provider, outsourcing your payroll is like having your cake and eating it, too.
At Paytech, we pride ourselves on having the best small business payroll solutions in Arizona. This means being timely, accurate, and dedicated to providing expertise and resources that help build your business. We know it can be daunting to switch your in-house payroll process, but we’re committed to helping you every step of the way.
Automating your payroll is a great way to start if you want to elevate your business to the next level. Reach out to us today to schedule a free consultation and see how we can partner for a brighter future.