Viewing Blog #24

• 2016-06-22 16:00:24

Why Payroll Is One Function You Should Outsource

What do you actually gain from outsourcing payroll? Is it worth all the time and effort just to investigate and identify appropriate outsourced service providers?

Ideally, outsourcing achieves three main goals:

• It frees up time and resources to focus more on your core business.
• It gives you access to more technology and expertise to perform payroll well.
• It reduces costs and risks.

Let’s examine each of these benefits in more detail, and what they mean.

1. Focus Better on Your Core Business

Payroll is one of those critical functions that may not directly increase sales.  But carried out poorly, it can put your business in a world of hurt and most of all, it can sap internal time and attention away from core activities.

2. Get Access to Expertise and Technology

Another reason to outsource is to get access to expertise and technology.

Employers have to deal with almost 10,000 federal, state and local taxing jurisdictions across the country.  While most small businesses won’t have to comply with each of those jurisdictions, still it points to the complexity of the laws.  And every year hundreds of new laws and regulations are enacted. For small businesses the paper work involved imposes considerable reporting and compliance requirements.

With Payslip's service options you can let the professionals take care of all the headaches of paper work and complex laws that change each year.

3. Reduce Costs and Risks

Outsourcing payroll can also assist with cutting costs and limiting risks. On average, businesses are overpaying employees by about 4 percent because of differences between the employee’s time and an accurate time record. Just having a more accurate time and attendance recordkeeping solution can save money.

Today there are outsourced solutions for businesses as small as one employee and our solutions are efficient and affordable. A good payroll provider offers capabilities that go beyond what you can do on your own.  If you haven’t considered an outsourced solution before, make this year the year you switch.  It will deliver peace of mind for you as a business owner, and give you the time to focus on what is important; your business.

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