Whether companies pay employees each week, biweekly or every month, they need an efficient payroll system to get people paid. And while some of the larger companies can afford to staff full-time payroll employees, smaller companies can’t. That’s why if you’re just starting out or own a relatively new business, your best bet is to hire a payroll services provider to handle you payroll needs. Here’s why.
Most Payroll Outsourcing Services are staffed with professionals who are well-versed in all stages of the payroll process. In fact, some companies in your area may even be leaders in the industry, which ensures you’ll get what you pay for.
When you outsource payroll services, you pay the company by the hour or according to services rendered. This is much less expensive than recruiting and hiring your own full-time payroll employees, who would require competitive salaries and health benefits.
Since Payroll Outsourcing Services work with payroll transactions all the time, they’re going to be much more efficient than any team of employees you hire for the same functions. Many have proprietary systems in place to expedite the process.
More Accurate Compliance
Your payroll services company will be better at calculating deductions for social security, state, local and even medical benefits. They’ll also ensure the proper amounts go to various 401K accounts.
The better your payroll services, the happier your employees will be. One reason is there won’t be any delays on their paychecks, which can often be directly deposited into their bank accounts.
Economies of Scale
Some of the top Payroll Outsourcing Services will offer other workforce related services, including IC compliance, recruiting and staffing services and recruiter back office support.
Most payroll services firms will have satisfied clients for whom they’ve helped. Ask the payroll company you select to provide some clients’ names it’s currently servicing.