Tag Archives: payroll processing

Simplify Payroll: From Preparation to Direct Deposit

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.

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payroll processing

Payroll Processing- Why it Pays to Hire an HRO to Do it

Payroll processing isn’t something that most business owners look forward to. It’s often an arduous and painstaking task that requires a lot of focus to do correctly. One alternative to traditional in-house payroll processing is to hire an HRO service to handle it. Here are some benefits of going this route and how it can improve operations.

Level of Accuracy

Being accurate is extremely important when it comes to payroll. Making mistakes can have some serious repercussions like penalties from the IRS. In fact, according to the IRS, “40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments.” If something is severely botched, you could incur even bigger penalties that really set your business back. Not to mention, you can end up with some irate employees on your hands when mistakes are made.

Because there are new regulations being introduced every year, payroll keeps becoming more complicated. Fortunately, an HRO consists of highly skilled professionals who understand the process and know all the ins and outs. They know what it takes to be compliant with government regulations and can guarantee a high level of accuracy.

Time Saver

Whether you’ve only got two employees or several dozen, doing payroll is often time consuming. While you or in-house staff members are spending time on it, it means you’re unable to perform other important tasks like working on your marketing campaign and making sales. As a result, it can be a major detriment to productivity and potentially reduce your profit. Using an HRO is ideal because they will take care of everything and free up the time of you and your staff members. That way everyone can focus on more important matters that will benefit your business and help it be more productive.

Save Money on In-house Employees

There is also the issue of cost when it comes to payroll processing. While many larger companies have the budget to take care of this process in-house, smaller companies typically end up paying more than they would by outsourcing. That’s because of all of the activities required to do payroll quickly eat up money and squander employee resources. HR World states “if your business has fewer than 20 employees, there’s a very good chance that you can save money by outsourcing your payroll operations.”

Heightened Security

In a day and age where network breaches and information leaks are disturbingly common, you can’t be too careful when it comes to security. If company records and inside information winds up in the wrong hands, it can lead to problems like identity theft, data tampering, fraud and embezzlement. All of which can create some serious problems that can take months or even years to resolve.

Hiring an HRO is smart because they understand security risks and utilize the right technologies to keep payroll information safe. If something looks sketchy, they will be quickly alerted and address the situation before it becomes a major threat.

With all the complexity and complications involved with payroll processing, hiring an HRO can be a big help for your business. Not only does it ensure accurate reporting, but it can also save you time and money and protect financial information.