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Why Outsourcing Payroll Services Makes Perfect Sense

November 29, 2024 Kevin Kenealy Uncategorized Comments Off on Why Outsourcing Payroll Services Makes Perfect Sense
Why Outsourcing Payroll Services Makes Perfect Sense

Today, the life of business is not that much as easy as it seems to be. As a business owner, you have countless balls in the air from budgeting and running operations to providing for your employees.

A good payroll service can take some of the burden off your shoulders. Besides the peace of mind that your employees are in expert hands, there is a range of other benefits to outsourcing your payroll completely.

Pros of Using a Payroll Service Provider

There are many advantages to payroll services and the Watkins & Co accounting experts highlight how to help your business grow with a professional payroll service provider.

Regulatory Compliance

Tax rules and regulations are in a constant state of flux, and keeping up with these could easily be a full time job! A good payroll service provider can help you keep your business compliant and avoid dealing with expensive legal issues and penalties.

To Process Payroll Accurately

Outsourcing payroll services also provides greater accuracy and reduces payroll processing errors. This process will aid your company to maintain a peaceful work environment and help you continue developing trust with your employees, steering clear of conflicts, and improving the positive factor of interaction in an atmosphere based on transparency.

Time and Cost Efficiency

Outsourcing payroll gives you time and spare resources for the company. Outsourcing payroll task gives you no need to hire an in-house HR team, which is expensive and does more than just this task Well not only is payroll service provider competent but also save the cost of using in house HR staff Outsourcing allows you to free up your resources to focus more and invest more in core business activities and growth.

Satisfaction and retention of employees

Nothing says your company cares about its employees more than on-time, error-free payroll. When your team sees that their compensation matters to you, it drives trust and loyalty causing high retention, motivated employees, and employee satisfaction.

Technology Integration

It is of utmost importance to be up-to-date, especially these days in the business world and the use of most advanced technology for payroll services is something that any quality provider will incorporate so that your team does not have to learn all about new technology. This reduces the cost of payroll services, facilitates secure data exchanges, and allows for flexibility in payroll processing.

Tax Efficiency

An expert payroll services provider understands the loopholes and how you could pay less tax through proper adjustment of salaries, benefits etc. In other words, using these services helps your company remain competitive and ensures the business continues to advance its economic development.

Comprehensive Reporting

Having a professional service taking care of employee payroll will provide you with an in-depth reporting with which you can gain insights into your labor costs foreseeing optimizations for future budgeting and better business-decision making.

Information Security and Privacy

Professional payroll services utilize extensive data protection programs to ensure that private employee information is well hidden. This can help decrease the risk of a data breach or unauthorized access to sensitive data, which also safeguards your employees and business in return.

Adaptability to Remote Work Trends

Changes in workplace trends have posed challenges for the payroll department and employee time recording, especially during a post-COVID era. This is also helpful for other feasible work structures like if you have remote workers or ours flex schedules, ensuring accurate time keeping recording across dispersed mutually gives an added benefit entails impending accountability having a quality outsourced payroll service provider while being in different locations ready to be compensated timely on all delivered services rendered;

Auditing and Recordkeeping

Payroll demands a staggering amount of busy-work record-keeping, and it can be one of the most difficult and time-consuming aspects of operating a business. Professional payroll providers are really good at maintaining detailed records which you can utilize during audits to eliminate any concerns regarding regulatory compliance as well.

Best Payroll Service Provider Jackson, MS

If outsourcing payroll services in Albuquerque or, for that matter, anywhere else around New Mexico could benefit your company contact us at The Payroll Company.

We are an experienced team that provides complete payroll services to help companies of all sizes streamline their payroll processes.

Sooner or later, you will get the enhanced employee satisfaction, high payroll efficiency with thorough labor reporting and a peace of mind that earns its weight in gold!


Outsourcing Payroll is a Wise Business Strategy— Here’s Why

January 18, 2022 Kevin Kenealy Outsourcing Payroll Comments Off on Outsourcing Payroll is a Wise Business Strategy— Here’s Why
Outsourcing Payroll is a Wise Business Strategy Here Why by The Payroll Company 505-944-0105

In this article there will be a discussion about the reasons why small and mid-sized businesses choose to outsource payroll as a way to run their business. Quick recap: outsourcing payroll can be a more cost-effective choice and save your business time and money that can be put towards your efforts to grow as a company. Outsourcing payroll is a wise business strategy, and it’s more efficient. Making this decision may be a wise decision that will favor your business in several ways. When considering payroll outsourcing, look for reputable and committed to providing solutions for all your needs.

Payroll Outsourcing Providers

Payroll and HR outsourcing can be tricky things to handle. A professional employer organization (PEO), on the other hand, will take a portion or all the functions related to workers’ federal employment tax, withholdings, reporting, and payments. When looking for an outsourcing provider, choosing a PEO that also handles payroll, accounting services, and bookkeeping often makes sense. Besides, the PEO overlaps with the HR-related matters and responsibilities, and it allows your business to focus and manage the other vital affairs needed to make the company run. 

In-House vs. Payroll Outsourcing

Cost-effective: As mentioned earlier, payroll outsourcing provides many advantages. Signing up with a service is more cost-effective and gives you peace of mind that everything will be handled efficiently.

Compliance: Since payroll regulations are ever-changing, outsourcing can eliminate any potential fines resulting from human error. Moreover, new laws often target small business owners or sole proprietors, so you don’t want to take any risks. You shouldn’t have to worry about fines or compliance issues with a payroll outsourcing provider.

Security: Your business’ payroll has many processes involved, and Data or security breaches can occur when freelance writers don’t have updated software systems. Payroll outsourcing companies will provide your business with the latest technology systems to protect data and other information. They come up with the latest technologies and ensure the security of your data and information.

When Should Your Business Consider Outsourcing Payroll?

When should you consider outsourcing payroll services? When you struggle to submit payroll documents or stay compliant with regulations, it could mean it’s time to outsource. Here are a few ways to consider outsourcing payroll services:

  • Cost – The first thing you should know before deciding is to calculate the cost difference between the two scenarios and decide accordingly based on cost-effectiveness.
  • Technology – make comparisons among the software and other assets with service providers. Most of the companies have efficient and more reliable resources in such terms.
  • Reputation – A reputable workplace like all the companies that rely on us needs to have a clean compliance record, satisfied employees, and good security in place. It is highly important to do business with a service provider that will assist you in keeping your stellar reputation

If you are struggling to complete all your payroll-related tasks or your business is growing and you want some help handling payroll tasks. It might be time to consider the option of a payroll outsourcing provider. That being stated, complete the Free Quote form on The Payroll Company’s website to find out your options.


Why Outsourcing Payroll Processing is a Smart Move for Your Business

April 6, 2019 Kevin Kenealy payroll processing Comments Off on Why Outsourcing Payroll Processing is a Smart Move for Your Business , ,

Businesses are required to complete and meet obligations to employees. Payroll problems are difficult for today’s high-tech business world. A business’s payroll division oversees multiple components of employee compensation. It manages payroll processing, direct deposits to employee’s bank account, FICA, FICO, State Income tax payments to government entities including the State and the Federal Government, reporting requirements, time and attendance tracking, company payroll management reports, worker’s compensation, 401k’s plus other types of retirement account reporting, unemployment claims, vacation time-off and more. This is a giant set of tasks to manage for a small business while running the business itself. Putting time into these tasks means a business owner is not focusing on building and managing current business.

What is the Appropriate Amount of Time to Spend on Payroll?

The practical way to answer this inquiry is a business owner needs to calculate the amount of time spent working on payroll each week, every two weeks or month and multiply it out for 52 weeks, 26 weeks or 12 months. After the totals for each segment of time are calculated, a business owner needs to look at the true cost of working on payroll by comparing it to the amount of business not generated related to working on payroll instead of managing and building the business. To make the comparison and analysis useful and valid each payroll task needs to be included in the assessment including managing tax reporting, employee benefits, retirement funds to new name just a few. Several studies over the years indicated in real numbers that business owners spend 3 full weeks a year dealing with federal tax problems. Add all the hours spent dealing with all the other payroll problems and tasks and it becomes readily obvious managing payroll is costly from both a time and business growth perspective. There’s not a fixed number or an empirical study out there that provides when a business owner should hire a payroll processing company, instead of doing it themselves. However, it’s easy to assess if an owner is spending 10 – 20 % of their time working on payroll and all its accompanying issues it’s likely a smart move to hire a company to process payroll to save time and money and then put those savings into managing and building business.

Look at the questions below to determine if it’s time to hire an outside payroll processing company:

  • Is the time spent on payroll exceeding your comfort level?
  • Is your business growing, adding more employees and now is
    payroll becoming a much bigger task than before?
  • Are payroll mishaps become more costly due to tax penalties assessed
    for filing errors charged by the IRS?
  • Is payroll taking up so much time that the critical time needed
    to manage and grow your business is compromised.

From a logical assessment perspective, if the responses to this set of questions happen to be yes, it’s makes good sense to outsource payroll processing. The monthly cost of payroll processing fees, while not nominal, is affordable for most businesses. The benefits of outsourcing payroll processing are time-savings, cost savings generated from reduction in penalties and fines and the improved ability to focus time on and energy towards building and growing your business.


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