Payroll outsourcing services
A win-win deal for any Organisation – Payroll Outsourcing Services
The era of manual Payroll process is already ‘Once Upon a Time story’. Businesses have understood and opted to upscale with process to Technology based. But this in-turn bought the cost of maintaining it.
Recent Pandemic time has proved that business need a reliable source which should not hit like an additional cost and can be there without hampering the confidentiality and productivity.
Most crucial part of HR is Payroll Management. Its accuracy and effectiveness decide the satisfaction among employees.
Payroll Management services are one effective and reliable services which can be opted from expert providers.
Let’s see how opting Payroll Outsourcing Services can be a Win-Win situation for any Organisation.
1. Time Savings / Productivity
Payroll processing inside your business is a time-consuming process. Keeping track of benefit deductions, garnishments, new hires and terminations, paid time off as well as federal and state regulation changes can be frustrating tasks. Each year significant labor hours are spent preparing W2s and ensuring that they are sent out timely.
2. Increase Productivity
Payroll Outsourcing Services allows employers to concentrate on their core business and frees up the business owner, human resources or accounting personnel to work more on strategic tasks that could ultimately affect your bottom line. Those repetitive tasks should not be hours taken away from a key management or owner’s daily productivity. Outsourcing payroll immediately frees up precious time. Employers only need to make contact with their outsourced payroll specialist by approving time once each pay period.
2. Reduce costs
The direct costs of processing payroll can be greatly reduced with Payroll Management Services. Today for Big/Small/medium sized businesses, having an in-house payroll process is a money burner. Calculate and figure out how many labor hours your employees are devoting to payroll-related activities, (Calculating payroll each time period, printing, signing, and distributing paychecks or pay stubs, computer software and program maintenance, training and support, keeping up with changes in tax rates/laws, preparing and remitting payroll taxes and returns to government agencies, new hire reporting, generating reports for in-house and accountant use) calculate how much you’re spending and compare the amount to the plans offered by several payroll-services providers.
3. Avoid IRS penalties / Mistakes
The IRS states, 40 percent of small businesses pay an average penalty of more than 70,000 per year for late or incorrect filings and payments. Penalties for errors, omissions or late payroll tax filings can be very costly. Payroll mistakes are painful, angering employees and not reporting timely or accurately to the government post red flags to the IRS. Mistakes lead to audits and penalties—situations no business wants or needs. Government rules and regulations are always changing and business owners can’t be expected to stay on top of these changes. Professional payroll providers, on the other hand, must stay current with rules, regulations and changes in tax rates. Many Payroll Management Service providers calculate payroll taxes, manage filings and payments and will assume the cost of penalties due to incorrect calculations or late payments so long as you provide the necessary information and funds on time. Keeping abreast of state, federal, local and industry-specific regulation changes can be at best a real challenge. A reputable outsourced payroll provider has a staff dedicated to keeping up to date on all of the changes that could affect your payroll, ensuring that you stay in compliance.
4. Team of Experts
Most business owners and payroll related staff don’t have time to research and study constantly changing regulations, withholding rates, and government forms. By outsourcing payroll, a small business can take advantage of expertise that was previously available only to big companies with reducing the cost of the department. The most valuable payroll companies have a team of experts who handle many areas of Human Resources and Payroll. Make sure you engage a qualified team of experts who can administer all the aspects of your HR and payroll needs.
5. Enhanced Security
Payroll processing is a complex and potentially risky business operation. Even with long time trusted employees, there is always a risk of identity theft, embezzlement of funds, or tampering with company files for personal gain. Most Payroll Management Service providers have technologies that can spot and alert clients to various types of payroll fraud. Additionally, online payroll solutions offer a “safe haven” for your confidential payroll data. In addition to redundant backup and multiple server locations.
6. Employee Access to Human Resource Information system(HRIS System)
Human Resource Information Systems (HRIS) have become one of the most important tools for many businesses. Even the very small company of 10 employee’s office needs to realize the benefits of using HRIS to be more efficient. Many firms do not realize how much time and money they are wasting on manual human resource management tasks until they sit down and inventory their time. It allows companies to cut costs and offer more information to employees in a faster and more efficient way.
Employers Gain ability to:
- View Invoices and Payroll Reports
- Access and Update Employee Information
- Enter New Employees
- Enter Time Reporting Information
- Offer Benefit Open Enrolment
- Communicate with Employees
- Create Custom Reports
- Track PTO (Paid Time Off)
- Upload Benefits Plans and Custom Benefits Documents
- Upload Employee Handbooks and other HR PDF’s
- Track Licenses / Certifications for Employees
- Performance Reviews
- Training Records
- Total Compensation Reports
Employees gain access to:
- Review Checks
- Review Benefit Information
- Update Information
- Any Corporate Documents
- Online Benefits Enrolment
7. Avoid Technology Advancement costs
A constant question for small business owners is whether they have the latest version of their payroll. Paying a maintenance fee and having to upgrade software is a fixed cost ongoing. Payroll Management Services removes those costs / headaches and keeps payroll running smoothly.
8. Peace of Mind
With the help of Payroll Management Service provider, the hassle and pain often associated with processing payroll is gone. You provide the basic information, and your payroll company takes care of the rest. And with guarantees of error-free payroll and tax filings and payments, you can eliminate the worry that many experiences when it comes to paying employees and taxes correctly and on time. No headaches, no hassles: You’re left to focus on running a profitable business.