Have you considered outsourcing payroll to help keep your company on the path to growth and success?
Payroll and related tax responsibilities can be complicated, time-consuming, and in the event of errors or compliance shortfalls, extremely costly. Unless you happen to be a payroll expert yourself, turning over those functions to a trusted business partner may be the perfect solution.
How Outsourcing Could Benefit Your Company
Consider these pros of outsourcing payroll:
- Reduced costs: Would it be more cost-effective to outsource? Here’s an easy formula to help you decide: Estimate the number of hours your staff spends running payroll. Then, estimate how much you will pay them for this one task. Add in any related expenses, such as your current payroll software. Compare the total to how much you would need to budget for outsourcing. The results could be a real eye-opener.
- Having payroll experts on your team: When you partner with a payroll provider, you add a group of experts to your team who specialize solely in payroll processing and compliance with government laws and regulations. On an ongoing basis, they can also verify payroll data, as well as find any potential errors early on, before they become problematic.
- Reduced risk: Speaking of errors, if your company falls short of any compliance, tax or other requirements, such mistakes can lead to expensive audits or penalties. When you outsource payroll, you take this responsibility off your plate.
- Streamlined operational processes: No matter how many employees you have, payroll demands a significant amount of time and attention to detail. This often comes at the expense of hours that could be spent on other business priorities such as building revenue, marketing, or serving customers. When you outsource payroll, you and other senior business leaders have more time to focus on other critical responsibilities.
- Access to the latest technology: By outsourcing payroll to the right provider, you gain access to robust technology and cloud-based tools to allow employees easy access to their information, as well as integration with your current accounting system. These capabilities enable you to store all relevant data in one centralized base, further saving time and increasing efficiency.
- Increased data security: Outsourcing can offer a safe haven for your confidential payroll data. Benefits can include state-of-the-art systems for storage and protection purposes.
About Key HR’s Payroll Services
For a less expensive, simpler, and more reliable means of paying your employees and filing your taxes, let Key HR help. We can handle:
- Check processing
- Tax payments, deposits, and filings
- Direct deposit
- Employee web portal and access to earning statements
- Time off accruals
- Year-to-date information
- Garnishment and child support withholding and remittance
- New hire reporting
- Reports pertaining to payroll check registers, job costs, certified payroll, accruals, deductions, and liabilities
Want to Learn More About How We Can Help?
Our track record has proven we can save you 20 to 40 percent in payroll-related expenses as we continuously help boost your bottom line, quality, and performance standards. Reach out to us today to learn more.
- Posted by admin
- On March 7, 2023
- 0 Comment