Are you planning to grow your business and hire additional staff to make it happen? Whether those plans are seasonal or permanent, now may be an ideal time to consider outsourcing part or all of the work associated with managing your payroll.
Payroll is typically the largest component of a business and its expenses. It can be complicated, time consuming, and the source of potentially costly risk, especially if you’re ramping up. This is an exciting time for you. With everything else that needs to be done, doesn’t it make more sense for you to focus on other business critical tasks and leave payroll to a third-party team of experts?
How to Watch Your Payroll Grow This Spring and Beyond!
The Case for Outsourcing Payroll
Government records show that a third of all employers have been changed for payroll errors, with total penalties reaching billions of dollars. Tax laws constantly change, challenging compliance for even the most seasoned professionals. There are additional penalties associated with payroll tax filing omissions. So, it’s not as surprising as it may seem that 87 percent of successful business owners opt to outsource.
Outsourcing can help you:
- Realize cost savings: Outsourcing provides you with payroll experts without hiring or adding to your headcount. These previously fixed costs become variable when you outsource.
- Better focus your resources: You and other senior staff can concentrate on core competencies and tasks that add value and profit to your business versus time-consuming payroll administrative duties.
- Maintain compliance: It’s critical to have a subject matter expert on staff who can stay current and knows to analyze every change in employment laws.
- Efficiently scale your business: During times of growth or restructure, outsourcing payroll can help you maintain the right management procedures and security controls as you right size.
- Maintain a complete picture of your payroll operations: This will be kept current in real time, so you can continue to make informed business decisions.
The Bottom Line
By outsourcing payroll to Key HR, you can save up to 20 to 40 percent in expenses. We’re aligned with preferred provider companies to offer the latest and most innovative ways to meet our clients’ payroll and employee leasing, benefits and insurance needs.
When it comes to payroll management, we can take these tasks and responsibilities off your plate:
- Handling of paychecks
- Tax deposits and earnings
- Direct deposit
- Check signing and insertion
- Employee portal web access to earning statements
- Time off accruals
- Year-to-date information
- Garnishment and child support withholding and remittance
- New hire reporting
- Payment of Social Security, Medicare (FICA), withholding, unemployment and disability taxes
Wondering How Else Key HR Can Help Your Organization?
We can also process needed documents for your payroll check register, job costs, certified reports, accruals, deductions, and detailed liability listings on your department summaries or job cost reports.
Our relationship with our network of partners will help you cut costs, save time, optimize your workforce, increase revenue, and minimize risk. Contact us today to learn more.
- Posted by admin
- On February 20, 2023
- 0 Comment