Regardless of the size of your business, and whether you only have a handful of employees or dozens, payroll can be a big time drainer. Not to mention the complications that can arise when trying to remain compliant with ever-changing regulations. Fortunately, there are alternatives that can simplify payroll processing. One of which is outsourcing it to a human resources outsourcing (HRO) firm.
Advantages of Outsourcing Payroll
Allowing a professional agency to handle payroll can save you a considerable amount of time. With services like paycheck preparation, tax filing, time off accruals and W-2 preparation, an HRO can handle essentially every aspect of payroll. This means you’re not wasting time on redundant tasks and can focus your attention on more important aspects of business.
You can also ensure that you’re consistently compliant with regulations and not making mistakes. By leaving it in the hands of a professional firm, you can rest assured that everything will be taken care of correctly and no details are overlooked. This is extremely important because the IRS fines one out of every three companies because of payroll errors. The end result is more accurate reporting, lower personnel costs and financial savings from not incurring fines.
Go Paperless with Direct Deposit and Access All Your Payroll History
With the right HRO, you can opt for paperless payroll, which is a great option for several reasons. First, you can save a significant amount of money over time because you’re not wasting money on paper. Second, you can cut back on clutter and access your reports electronically. This way you don’t have sift through stacks of paper, and you’re less likely to lose important information. Third, you’re helping the environment by saving trees and decreasing the emissions of greenhouse gases.
Benefits of Direct Deposit
By using the services of an HRO, they can efficiently set up direct deposit for your business, which makes it easier for you and your employees. Rather than having to buy, sign and mail traditional paper checks, direct deposit is way more convenient. It’s also much more reliable because employee payments are processed electronically. This way you don’t have to worry about checks getting lost, stolen or counterfeited. In addition, direct deposits tend to be put through promptly, so delays are less likely, which should make for happier employees.
Quick Access to Payroll Reporting
An added benefit is the ease with which you can keep tabs on payroll. When you go through an HRO, you will often have 24/7 access to an online portal where you can retrieve employee information and look at your payroll database. This way you can get in depth reporting, check out pay rate changes and see the status of employee checks. At the same time, your employees are also able to log in and stay updated on their check status, benefits, etc. All the while, you can have the peace of mind that your sensitive information is kept safe and secure.
So if you’re looking for an effective way to simplify payroll and free up your time, human resources outsourcing is definitely something to consider. It’s worked brilliantly for countless businesses in a variety of industries and can streamline your payroll system too.