Why Should My Business Outsource Payroll?
Entrepreneurs are always looking for ways to lower the cost of running their businesses while making operations more efficient.
One of the best solutions for businesses of all sizes is outsourcing payroll. There are dozens of companies all over the world that handle payroll for businesses, including SOCAs Payroll Partners. Outsourcing payroll management can be a wise move for businesses of any size from start-ups to large corporations.
Outsourcing payroll is a popular option, but is it the right fit for your business?
In this post, we will give you seven reasons why you might consider outsourcing for your payroll management.
Outsourcing Your Payroll Management and Payroll Processing
When you choose to outsource your payroll, many advantages can help give your business a boost.
Below SOCA and Payroll Partners have assembled the top seven reasons why you might choose to outsource payroll management and processing.
Cost Savings
The most common reason businesses outsource their payroll management is your business will often save money. Maintaining an in-house team or human resource team who manages your payroll can be costly as you will have to pay the salary and benefits of at least one additional employee (and often more than one). Due to economies of scale, firms that focus on payroll management exclusively can provide payroll services at a lower cost. Payroll cost savings can be huge when you outsource.
More Efficient Use of Time
Payroll management is a time-consuming process. It can consume much or all of an employee's time. Make more efficient use of your workers when you outsource your payroll management to a payroll firm. Outsourcing payroll makes it possible for your HR or accounting team to focus on other important tasks, freeing up valuable time.
Compliance You Can Count On
Payroll laws and regulations are complex and numerous. They are also prone to change. Dedicated payroll firms specialize in staying up to date on all new payroll laws to ensure compliance and payroll processing and management that you can rely on.
Access to Expertise
Outsourced payroll companies bring expertise in matters related to payroll processing and administration. When you outsource your payroll, you have access to these knowledgeable professionals. You can ask them for their advice on processing, tax laws, regulations, payroll compliance, and more. This expertise can be invaluable, especially if you do not have a dedicated payroll department.
Improved Data Security
Payroll contains sensitive information that can harm your employees or your company if it falls into the wrong hands. Outsourcing your payroll ensures that information like social security numbers and banking information is handled securely by a team you can trust.
Better Scalability
Outsourcing payroll allows an employee to easily adjust their payroll operations up or down based on business needs. For example, if you hire additional employees and need to scale up your payroll, you can do so without having to hire additional staff or train existing staff. The opposite is also true. If you suddenly lose staff, you can scale down payroll without unused resources or equipment.
Increased Accuracy
Payroll companies use the latest payroll software and technology. These technologies are designed specifically to reduce errors and inaccuracies that can occur when payroll processing is done manually by an in-house human resources department.
Outsourced Payroll with Payroll Partners and SOCA
Every business owner wants to improve their bottom line and make their business more efficient. One of the best ways to do this is by outsourcing payroll to a specifically dedicated firm.
When you join SOCA, you have more exclusive options to outsource your payroll than ever before. Payroll Partners is the exclusive payroll partner of SOCA. Payroll Partners have been assisting Ohio businesses with payroll for over 20 years.
Payroll Partners offers your business:
- Payroll processing & tax filing that includes federal, state, and full-service local filings
- Timekeeping, scheduling, and PTO modules
- Ohio BWC premium payments and true-up filing
- 401K/IRA contribution payment maintenance and reporting
- Child support and other garnishment administration
- Both paperless direct deposit and paper check delivery options are available
Discover the difference outsourcing your payroll can make for your Cincinnati, Columbus, Dayton, or Cleveland business. We help businesses all over Ohio obtain smart cost-saving solutions with our Chamber Member Benefits.
Start a conversation with Payroll Partners today!
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