If you are still doing payroll in-house, you might be holding your company back. Outsourcing payroll services can help make your company more flexible and more profitable, as well as giving your employees better service. This can make you more competitive so that your business can overcome the challenges you face in the highly competitive modern marketplace.
If you look at these benefits of outsourcing payroll, you will see that turning payroll over to a PEO company can improve your company’s competitiveness.
Most businesses considering this decision don’t have staff they explicitly hired to handle payroll. Often, it’s someone who has been handling numerous jobs in your organization and also does payroll. This was fine when payroll was simple, but as you expand your number of employees, it becomes harder for that person to do payroll and the other parts of their job. You have to make a decision about whether to put that person on payroll full-time or outsource your payroll. Often, it’s better to outsource the payroll and let the person focus on the other parts of their job – the ones you likely hired them for.
Even if you have one or more dedicated payroll employees, you can probably put those people to better use elsewhere in your organization.
Payroll law is complicated. Ensuring you are in compliance with state, federal, and local laws can be difficult. Doing payroll right isn’t just a job, it’s a career, built on extensive education and experience.
Relying on an in-house payroll person can put you at risk from all the things they don’t know about payroll law. Legal penalties can cost you a lot of money, so it’s best to put your payroll in the hands of someone who knows how to maintain legal compliance. Outsourcing payroll is the easiest way to do that.
Outsourcing payroll can be a huge cost savings. Not only will you avoid legal penalties, but you’ll also reduce your labor costs. Especially once you start offering employee benefits like health insurance, retirement accounts and more, payroll can become a very time-consuming job. A payroll contractor can handle all this more efficiently for you.
In addition, it’s often cheaper to outsource your payroll than it is to get access to decent payroll software that would allow you to offer good functionality to employees. Even without factoring in labor costs, outsourcing payroll will likely save your company money.
Employee retention is more critical these days than ever. If you want to keep your team together, you have to keep them happy. That means making sure payroll is handled accurately and on time.
Getting paid is only part of what people expect from their employer. They also want benefits, such as health insurance, retirement accounts, and more. It’s not easy – or cost-effective – to offer these benefits on your own. Outsourcing payroll is an efficient way to offer employees the benefits they desire.
Plus, your team wants to be able to get convenient services from you. They want to be able to have direct deposit for their checks. They want to be able to file requests for PTO, monitor their sick time, and access tax forms online. You might not be able to provide these services on your own, or at least not without expensive software, so outsourcing your payroll is an effective way to improve employee satisfaction and retention.
Handing off payroll to someone else gives you more money, more time, and more focus to direct at the key aspects of your business.
You’ll be able to provide better service to your customers, take on more work, improve your processes, and do more of the essential work necessary for your business to grow and thrive in the modern competitive environment.
At PassioHR, we utilize the latest technology and have outstanding expertise to handle your payroll efficiently and accurately. We can take all the stress out of payroll and save you money at the same time.
To learn how outsourcing payroll to PassioHR can help your company be successful, please call 303-221-0558 or use our online form to contact us today.
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