It’s a proven fact that the majority of small businesses don’t enjoy, nor have the expertise or time, to efficiently process their company payroll. Additionally, it can be overwhelming due to compliance restrictions and a heavy administrative task that can distract from their focus of running their business. So why are small to midsize businesses processing payroll in house? Actually, the emerging trend is that they are choosing not to any longer. More and more, companies are outsourcing their payroll services so they can focus on their business. Payroll services are one of the top three outsourced services in the nation. With increasing legislation and regulations, changes in health care, and now new tax reform, the importance of accurate professionally managed payroll services is a must have, especially for small businesses.
Consider several of the benefits:
When a company outsources their payroll, they allow more time to focus and build their business – their legacy. Taking administrative tasks, time collection, and payroll processing off the plate streamlines the company’s operational efficiency, raising productivity levels.
Do most companies employ an in-house payroll expert? Probably not. If there are frequent mistakes, or payroll took a little longer this pay period, it’s likely that employees who are receiving incorrect or late paychecks aren’t excited about it. Cutting paper checks? Lots of cost and inefficiencies are found in this process too for a company that is doing their own payroll and producing paper checks instead of having direct deposit for their employees. Business owners think that they might be saving money doing their own payroll, but in reality, the banking fees add up for paper checks, employees end up taking work time to go deposit or cash their checks, and of course, the misplaced paper check that has to be hunted down, cancelled, and re-issued takes a lot of time and frustration. Employees are generally much happier when their employer can offer direct deposit. Outsourcing payroll and having the services available for employees, like direct deposit, ensures that employees are paid on-time and are happy.
PEACE OF MIND
It is a full-time responsibility to remain clear on the rapidly changing regulations and government compliance checks that are in place. When a company places their payroll in an expert’s hands, they are gaining peace of mind that they’ll always be compliant and will no longer be concerned about facing lofty fines and penalties for mistakes.
Questions arise with everything and it’s important that the payroll provider will provide every company with outstanding client service. At Payroll Vault, we have Re-Defined Payroll and offer each business we work with a dedicated payroll specialist who is assigned to your business and knows your account inside and out. We take great pride in providing our clients with personalized service and strive to be more of an advisor or consultant to our clients. Most importantly, we appreciate the opportunity to work with our clients.