In the business world, payday can be bittersweet. While everyone likes to get paid, business owners run through the complexities of processing payroll each pay period.
That’s when outsourcing your payroll can save the day. It gives business owners a host of benefits while making payday easier for employees.
To help you decide if payroll processing outsourcing is right for you, let’s look at 5 top reasons to outsource in 2020.
1. Payroll Regulations Are Ever-Changing
When running a business, the last thing you have time for is keeping up with changing tax laws and payroll regulations. Yet, you’re legally responsible for accurate reporting.
Professional payroll providers keep up with current tax rates and changing rules. They keep your business compliant, helping you avoid paying penalties or getting audited.
Many payroll providers have departments dedicated to keeping businesses updated on changes. This helps them make financial decisions that are best for their company.
2. Saves You Time
Growing a business requires a lot of time, time you don’t need to divide by processing payroll.
No matter how many employees you have, payroll demands a lot of attention to detail. In fact, most business owners spend up to 5 hours a month on payroll. Others can spend up to 10 hours or more.
Outsourcing your payroll frees up the time you need to focus on critical aspects of your business. You get to work on things that matter to you most, helping your business grow.
3. Reduces Operating Costs
Hiring your own employees to process payroll costs money. Not only in extra salaries, but in overhead and office supplies as well.
A major benefit of payroll processing outsourcing means saving on operating costs. You no longer have to pay to train staff or worry about expensive recruiting. There’s also no need for complex equipment and software.
Plus, staying compliant means you won’t have to worry about paying penalties and fees for mistakes.
4. Security and Data Safety
Are you confident in the security of your payroll data network? Hackers, server crashes, and identity theft are some of the risks that business operations face.
Payroll providers take your data’s security to the next level. With multiple servers, redundant backups, and state-of-the-art security systems, you know your company’s information is safe.
Plus, your payroll information remains confidential. Outsourcing the service reduces the risk of employee embezzlement and tampering of personnel records.
5. Gives Your Employees Payroll Options
Many small businesses issue paper paychecks. That can be expensive and not give employees easier options for getting paid.
Outsourcing opens up new and convenient payment options for both you and your employees. Direct deposit and debit cards can make payday easy. And if some employees still prefer a paper check, they have the option to continue with it.
Let Payroll Processing Outsourcing Work for You in 2020
Don’t dread the upcoming pay period. With payroll processing outsourcing, you can leave it in the hands of experts, giving you time to concentrate on growing your business.
Ready to get help with your company’s payroll? Contact us today to schedule your consultation!
