Accelerating trends to outsource payroll and advisory services are continuing, and unlikely to slow down. Companies are swiftly realizing that outsourcing these services is creating enormous savings and improving efficiencies. Time is money!
Though saving time and money is the core motivation for companies to move to an outsourced solution, they’re not the only motivating factors. Outsourcing is permitting improved transparency and granting employees instant access to their documents, and simultaneously enhancing confidentiality efforts.
State-of-the-art technology is making payroll processing more efficient; conversely, government regulations are creating more complexities. For example, the Affordable Care Act is requiring more information to be reported to the federal government. The changes are becoming frequent and increasingly intricate.
In summary, beyond cost and improved operational efficiency, business owners are experiencing fewer errors and more time to focus on core strategic tasks that will expand their business. The 2013 Bloomberg BNA report stated that this trend would continue through 2015. The close of 2016 is nearing and the trend remains favorable.
It’s time get on board; everyone loves payday!
