Payroll Outsourcing Services
Is Payroll Outsourcing The Solution For You?
Payroll outsourcing services are a great solution if you find yourself spending way too much time on your payroll than growing your business. Not only can it help save time, it can save money as well.
There is a peace of mind that comes with outsourcing this part of your business.
It has become simpler, easier and more convenient than it use to be. The process of outsourcing your payroll has significantly improved with the internet.
With access to a web browser, you can input data, view it and modify the information in real time. Also, you have complete control and the ability to view the payroll calculations instantly.
The benefits of outsourcing
Saving time and money are not the only benefits of outsourcing payroll.
The following are 7 other reasons to do so:
1. Focus on your core business
2. Increase efficiency
3. Reduce labor costs
4. Reduce risk
5. Start new projects quickly
6. Control capital costs
7. Level the playing field
Payroll outsourcing providers
An increasing number of businesses are opting to outsource their payroll functions these days. Passing the payroll burden to an outside firm results in less work for your staff and more focus on your core business. However, all payroll outsourcing services are not the same so do your research.
The following is a short list of top level payroll processing firms
These firms can provide your company with superior service including processing payroll via phone, online payroll, or with custom payroll software. Also, you get the added convenience of integrating with other employee benefit service providers, including retirement providers, QuickBooks, POS systems, and time clock systems.
Some of these providers (and others) offer services other than payroll. These services include insurance, taxes and HR to manage your business. One of the advantages of having a payroll outsourcing provider process both your payroll and tax filings are that you can be sure you get accurate and timely filings with your federal, state and local governments. This reduces the risk of being charged penalties and interest.
Furthermore, outsourcing this function will save you more money because you do not need upgrade any equipment, update any software, purchase new equipment or stationery, and pay a staff wages and benefits. All of these are handled by the providers.
Most payroll outsourcing services offer the option of direct deposit or cutting checks. Some allow the employee to choose the option they prefer. If they choose to receive their pay by check, a courier is usually delivers the checks to the client to be distributed to employees. However, if they choose direct deposit, employees usually find their pay is credited to their account the evening before their actual pay date, or early on the pay date.
Payroll outsourcing costs
The costs of outsourcing payroll are minor compared to the expenses you would incur if you processed payroll in-house. Big companies can afford to maintain a large payroll department. However, a thorough cost evaluation usually proves that a small to medium sized business can cut costs by outsourcing the processing and filing of payroll documents.
Other Types of Outsourcing Services
1. Human Resources
2. Employee Benefits
3. Workers Compensation
HR outsourcing is very cost effective when compared to hiring an in-house staff for a small to medium sized company. Just like payroll it saves you time, money and other things. There are a variety of human resource services that go from being very general to being specific. It will depend on your company's size, needs and how much control you will want to maintain over your HR functions.
Here are some basic services that can be offered by human resource firms:
1. Overseeing organizational structure and staffing requirements
2. Benefits administration
3. Employee and manager training
4. Recruiting, training, and development
5. Tracking department objectives, goals, and strategies
6. Employee orientation programs
Payroll Outsourcing Services Comments 4 comments
Reasons to outsource according to Wikipedia
Businesses may decide to outsource their payroll functions to an outsourcing service like a payroll bureau or a fully managed payroll service. These can normally reduce the costs involved in having payroll trained employees in-house as well as the costs of systems and software needed to process payroll. Within the United States, business payrolls are complicated in that taxes must be filed consistently and accurately to applicable regulatory agencies. Restaurant payrolls which typically include tip calculations, deductions, garnishments and other variables can be extremely difficult to manage especially for new or small business owners.
In the UK, payroll bureaus will deal with all HM Revenue & Customs inquiries and deal with employee's queries. Payroll bureaus also produce reports for the businesses' account department and payslips for the employees and can also make the payments to the employees if required.
Another reason many businesses outsource is because of the ever increasing complexity of payroll legislation. Annual changes in tax codes, PAYE and National Insurance bands as well as more and more statutory payments and deductions having to go through the payroll often mean there is a lot to keep abreast of in order to maintain compliance with the current legislation.
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