Payroll processing is a responsibility that keeps many business owners up at night. It’s a complicated and time-consuming task that often necessitates substantial investments in payroll software. However, handling your company’s payroll responsibilities on your own is not the only option that you have available. In this article, we’ll explore the key benefits of payroll outsourcing in order to help you decide if this option is the right choice for you and your business.
Saving Time and Boosting Productivity
Managing all of the various tasks associated with payroll processing while at the same time keeping up with ever-changing state and federal regulations can be a frustrating and time-consuming process. When you choose to outsource your payroll responsibilities, though, all of these burdens are taken off your shoulders. In addition to relieving you of quite a few headaches and hassles, freeing up time in your schedule through payroll outsourcing also enables you to boost your productivity and spend more time focusing on growing your business.
Many business owners view payroll outsourcing as a luxury they can’t afford. In reality, though, outsourcing your payroll responsibilities may actually reduce your business’s expenses. Whether you are paying an in-house employee or a third-party service, you still have to pay someone to complete your business’s payroll processing responsibilities. Since payroll processing services operate at a much larger scale than the small businesses that they serve, they are often able to provide payroll services at a lower cost than a business would otherwise incur if they managed their own payroll processing.
Avoiding Costly Mistakes
According to the IRS, 40% of small businesses pay an average penalty of $845 every year due to incorrect or late payroll tax filings. Even the simplest payroll mistake can often lead to costly audits and penalties. When you outsource your payroll processing to a team of experienced payroll professionals, though, you are able to enjoy peace of mind knowing that your business’s payroll processing responsibilities are in more than capable hands. This enables businesses to avoid common mistakes that often end up costing much more than the expense associated with payroll outsourcing.
Preventing fraud and unauthorized breaches is a worrisome concern when it comes to payroll processing. Many businesses simply don’t have the time or resources to supervise their payroll for unethical activities such as time and rate abuses. Reputable payroll processing services, however, often offer technologies that are able to automatically detect instances of payroll fraud. In addition to detecting payroll fraud, payroll processing services also employ the latest in cybersecurity software and protocols in order to ensure that your company is not the victim of a data breach.
Let Employer Payroll Solutions Handle Your Company’s Payroll Processing Needs
At Employer Payroll Solutions, we are proud to provide industry-leading payroll services to businesses throughout the state of Florida. If you would like to work with a payroll service provider who will be able to take the responsibility of payroll processing completely off of your hands while at the same time ensuring optimum accuracy and security, we at Employer Payroll Solutions are able to help. To learn more about our payroll services, feel free to contact us today.