Even if it’s your professional area of expertise, managing payroll for a growing company can be … a lot. And if you’re a small to mid-sized business owner, chances are you already need more hours in the day to handle your seemingly endless list of responsibilities. Where does payroll fit in?
How to Determine The Best Payroll Option for You
How much do you want to – or can you – do in-house?
Like your company, your payroll requirements and the best solution to meeting them is unique. But it all boils down to paying your employees accurately and on time and avoiding costly IRS or state-imposed penalties for any related shortfalls.
As a business leader, it’s your responsibility to ensure your payroll management process is robust, effective, and efficient. But this doesn’t mean you have to do it all yourself. A growing number of companies are realizing that outsourcing to a qualified third-party partner is the right path to take.
Avoid costly errors
Government records show that a third of all companies have been charged for payroll errors, with total penalties stretching into the billions of dollars. Tax laws and regulations are constantly changing, so even if you think you have it down pat right now, you may be facing a completely different picture in a year or two. The payroll expertise offered by an outsourcing partner takes this worry, work, and responsibility off your plate.
Save money and better focus your resources
The fixed costs of adding to your headcount by hiring additional in-house payroll experts disappear when you outsource payroll. And, you and other senior staff members can focus on core competencies and growing your business, while your outsource partner handles the myriad administrative responsibilities associated with payroll, from calculating gross and net pay amounts, reconciling each pay period, and running payroll to making tax and benefits payments and accurate record-keeping.
KeyHR can connect you to the right provider
KeyHR is aligned with an extensive network of payroll providers who will help you cut costs, save time, optimize your workforce, increase revenue, and minimize risk. By joining us, you can turn the following tasks over to your outsourcing partner:
- Handling of paychecks
- Tax deposits and earnings
- Direct deposits
- Check signing and insertions
- Employee portal access to earnings statements
- Time off accruals
- Year-to-date data
- W-2 forms
- Garnishment and child support withholding and remittance
- New hire reporting
- Social Security, Medicare withholding, unemployment, and disability tax payments
Add to this list the processing of all the documents necessary to your payroll check register, job costs, certified reports, accruals, deductions, and detailed liability listings on department summaries and job cost reports.
Outsourcing payroll through KeyHR can save you up to 20 to 40 percent in expenses – not to mention the hassles, stress, and headaches.
Are you listening now?
We’d love to chat about your payroll needs and how we can help. Contact us today to learn more.
- Posted by admin
- On July 5, 2023
- 0 Comment