5 Surprising Benefits of Outsourcing Payroll
When you're a small business owner, it can seem as if there are always a hundred and one different tasks on your plate. Whether it's managing supplier relationships or improving the sales forecast, there is an endless list of tasks demanding you and your team's attention.
One such task is completing payroll. Put simply, for someone who has little previous experience managing payroll, or has little time available to them, trying to make sure all employees are paid correctly and on time can be a challenge.
That's where an outsourcing partner comes in.
In this day and age, practically every administrative task that you and your team need to complete can be outsourced. Is outsourcing payroll right for your company? Let's take a look at five ways this service can benefit your business.
1. Get it Right Every Time
Making sure that you pay employees the right amount, and on time, can be key in maintaining employee happiness. Potential mishaps could translate into employee turnover, which can be an expensive prospect.
Organizations that manage payroll for businesses are stacked with payroll professionals. Put simply, these professionals have more experience than most in managing payroll and can process direct deposits and payroll checks on your behalf. With this resource at hand, you won't need to worry about late or inaccurate payroll.
2. Navigate Taxes and Manage Liability
Payroll tax regulations can be complex and difficult to navigate on your own. If your team does not consist of a legal or HR expert, chances are someone is not monitoring the ever-changing rules and regulations that come with payroll.
The payroll professionals within an outsourcing organization can help your business avoid any trouble by assisting with payroll tax payments, including federal withholdings, state unemployment, federal unemployment, social security, and medicare.
They can also assist in filing tax forms such as 940, 941, W-2s, W-3, and state unemployment, as well as processing tax liens and child support garnishments.
3. Access to Helpful Solutions
Many organizations that help manage payroll also offer other administrative solutions, including HR support, risk management, and access to top-tier employee benefits.
These additional solutions come with a variety of professionals and services that can help your business reduce labor costs, maximize productivity, enhance employee retention, increase profitability, and more!
4. Employee Self Service
It's one thing to manage payroll, but what about dealing with payroll-related inquiries and requests from employees? Your team may need your assistance in obtaining tax forms,
By outsourcing payroll, you often gain access to a digital portal, where employees can help themselves to everything from W-2s to paycheck stubs. They can even review their accrued time off and put in requests for PTO.
5. Save Time and Focus on Growth
Another huge benefit of outsourcing payroll is saving time for yourself and your team. Put more time back into the day by letting this mundane task be taken care of by a trusted vendor partner.
The time that you save by not doing payroll can be invested into tasks that actually grow your business. Payroll can be an administrative burden — let someone else take care of it so that you can scale your business upwards.
SynchronyHR is Here to Help!
If you're invested in the benefits of payroll outsourcing, perhaps it's time that you looked into a provider. Be sure to take some time to check out our services and contact us today if you think SynchronyHR might be a good fit for your organization.