Outsourcing Payroll
Running a small business can provide great financial comfort in times of economic hardship - even more so if it’s a success - but it also requires a lot of dedication, hard work, time, and maintenance. Even small businesses have employees to pay, accounts to balance and financial decisions to make that can impact its very success, and every overhead cost has to be counted and justified. With this in mind, many small business owners contemplate the benefits of outsourcing some of their primary functions, as this can reduce the cost of hiring in-house accountants, bookkeepers and HR professionals etc., yet still get the tasks done effectively (in many instances, more effectively).
Paying employees is arguably one of the most important tasks a small business must perform on a regular basis, yet it is also one of the easiest to outsource. If you’ve been wondering whether hiring a third party payroll provider could save you time, money and stress, these 5 advantages might just give you the answers you’ve been looking for:
1. Outsourced payroll reduces overheads
Hiring an in-house accountant, even on a part-time basis, can be a heavy financial burden, and likely one that you would benefit from being able to reduce. Fortunately, there are so many excellent payroll and HR providers available today, that choosing the right one is probably going to be a tougher decision than choosing whether to hire one at all.
Able to help ensure that your employees get paid in full and on time, and that your company remains compliant with all payroll and associated rules and regulations, outsourcing payroll can get the job done successfully, at a fraction of the cost.
2. Outsourcing payroll frees up time
Many of the functions involved with payroll are both time and resource consuming, and there are multiple opportunities to make unintentional, but often costly, errors. By outsourcing this requirement, you can make sure that your employees are paid punctually and in full, while you spend your time focusing on other important aspects of the business that you may have been neglecting.
3. Outsource payroll and stay on the right side of the law
Tax rules and regulations can change like the wind, and while this may be frustrating and difficult to keep on top of, there will be no excuse accepted by the IRS for any failure to abide by them all, at all times. When you outsource payroll, all of those worries about tax laws and potential penalties disappear, and you can rest easy in the knowledge that you will always be compliant, no matter what.
4. When you outsource payroll, you get more privacy
For smaller organizations (and larger ones, too), should payslips and checks fall into the wrong hands, salaries and bonuses can cause contention between employees. By outsourcing your payroll requirements and making the entire process more regulated and precise, you can help make sure that nobody is aware of what salaries and deductions other employees are getting, and that payslips always go to the right employee.
5.Outsourcing payroll provides continuity
Businesses of all sizes experience employee turnover at some stage, and hiring and training a replacement accountant, for example, can be an expensive and stressful task. With an outsourced payroll provider working for you, however, you’ll always have a team of experienced and qualified professionals at your service, and will never need to worry about what would happen if your in-house accountant left or even took a sick day. Outsource your payroll requirements today, for an easier, more efficient tomorrow (plus happier employees!).
Apollo Payroll is dedicated to delivering expert advice, responsive service, and highly accurate payroll processing and reporting to ensure the success and growth of the business that we serve. Our services include comprehensive payroll services in Homestead and other cities in Miami-Dade County, employee background check and group health insurance in Miami & Coral Gables
