Payroll processing is a function that all businesses have in common. At the end of the day (or week), all of your employees need to be paid for the work they have done for your company. A lot of work goes into making sure it is done correctly; whether it be filling out timesheets, approving hours worked, double-checking all of the numbers, or making sure all of the correct deductions, taxes, and withholdings have been taken out, payroll administration is a big task for all companies.
Not only can all of these tasks eat up a lot of your employee’s time, but making mistakes can turn out to be very costly for a growing business. What may just seem like a simple miscalculation, could result in missing a payroll tax deadline. Missing these deadlines usually results in fines, penalties, or accumulating interest. As a growing business, these are things that you cannot have stacked against you. Additionally, processing payroll is one function of the business that generates little to no income for the company. Because of this, coupled with the fact that it can be a time-consuming function, it is often pushed off to the manager or other key employees to figure it out. But delegating a task that requires so much attention to detail to the key individuals that make up your team has the potential to hurt your business in the long run.
Payroll processing is an item that growing businesses should look to outsource. Leave it to the experts to handle taxes, garnishments, deductions, and direct deposits.
Outsourcing payroll frees up time to focus on the central business functions.
When you decide to outsource any function of your business, you immediately earn a chunk of your time and focus back; and in some ways, this can be priceless for a growing business. This additional time allows the owner to refocus on the growth of the business as a whole and gives them the opportunity to work towards the goals they had originally set when starting the business. By allowing a group of professionals to handle your team’s payroll, you no longer will be tied down by administrative tasks, especially those that you may not be an expert in. It may be time to take something off of your plate and payroll administration is a great place to start.
The business gains access to a team of experienced personnel.
Outsourcing means you have access to a dedicated team of experts. These individuals take the time to study and understand the various laws and regulations, so mistakes are kept to a minimum. As the business owner, you can reach out to this team if you have questions, or if any questions come up from your team members. This takes the pressure off of you to stay current with laws, but it also gives you peace of mind knowing your questions will be answered.
Outsourcing payroll usually requires an HRIS system to be implemented. HRIS stands for a Human Resources Information System, which is essentially the system used to process a company’s payroll functions. By implementing an HRIS system, your company eliminates the manual aspect of payroll processing. Additionally, an HRIS system allows owners and employees to have access to their paychecks whenever they need it, some systems even offer smartphone applications. We all know technology has the ability to speed up manual processes while also creating efficiency and savings – it may be time to take advantage of all three of these by outsourcing your company’s payroll.
Reduces the overall risk of the business.
By working with a group of experienced professionals, you can have a lot more trust in one of the most important processes of your business. Working with experts in the payroll field allows you to avoid IRS penalties that can take place due to late or incorrect processing errors. Pass off this liability to those who have much more experience in this field. As a growing business, it is important to try and reduce your company’s risk at all times. With the constant change of laws and regulations, it is best that payroll processing is handled by those who know all of the details that go along with it.
Increased accuracy will lead to satisfied employees.
A team of experts is almost guaranteed to do better work than individuals who have little to no experience in payroll administration. This consistent and accurate information is what your team wants when it comes to their paychecks. Make sure your employees are happy on their paydays and don’t have to worry about any possible error that could have taken place. When you take payroll processing off your plate, chances are that your overall business will become more consistent and accurate because everything will work together more smoothly. This accuracy creates a level of confidence towards the business and especially towards you as the owner. Make sure your employees are confident and trust one of the key processes of every business.
Focus OneSource is Iowa’s premier Professional Employer Organization. We strive to take the backroom work off of our client’s plates so that they can focus on the productivity and growth of their business. A partnership with Focus OneSource means you no longer have to deal with the complexity of payroll administration. Your company is in good hands, thanks to our experienced team of payroll specialists.
Payroll administration is not all we have to offer though; we want to meet each business’s unique needs which is why we offer a la carte options. Whether you need the full-service PEO package or just assistance with payroll processing, Focus OneSource is there every step of the way. Our team has experience when it comes to Human Resources, Worksite Wellness Programs, and Benefit Administration. Our team is centered on the values of trust and transparency and we strive to bring these to our clients in all of the services we offer.
Contact Focus OneSource and see how a relationship with us can help your growing business.