If you’re a small business owner in Oregon, you should be aware of the advantages of outsourcing your payroll. Outsourcing is a great way to streamline your business needs and focus on what you do best. By outsourcing payroll to people who focus on human resources, companies like yours can continue to improve vital processes while saving you time and money.
The following are ten great reasons why Oregon business owners like you should outsource payroll to a human resources provider.
1. Maximize Accuracy
Any errors you make when calculating payroll will cost you. Not only can errors make it so that you lose money, but they can also disappoint, frustrate, and anger employees. If you outsource payroll to a human resources specialist however, you’ll notice that errors become significantly less frequent (and far less costly). You’ll also be able to fall back on restitution offered by your payroll provider so that any errors that do happen don’t cost you money.
2. Speed Up Payroll Processes
PEO companies typically develop a system that makes processes faster. A payroll specialist will have more resources, like special accounting software, at their disposal. They will also have more experience in using these resources than in-house staff. This means that they can handle the demands of seasonal and temporary fluctuations in your employment needs much more easily than your own staff members can.
3. Make Your Payroll System More Reliable
Handling payroll is all about tracking your money. With outsourced payroll, you know that you will have a staff of specialists working for you so that your own valuable team members don’t have to take time out of their busy schedules to get the job done.
4. Boost Productivity
As a business owner, you know that employees are most efficient when they focus on one task at a time and not all these little additional jobs. If employees spend a few hours per week on payroll, they won’t be as productive in their jobs. Without linear job duties, things are more likely to slip through the cracks. However, if you outsource payroll, the work will be completed by specialists who can handle the task quickly while your employees are free to focus on their primary jobs.
5. Minimize Expenses
For small businesses, it can be fairly expensive to handle payroll in house. Do the math and you’ll find that outsourcing the task can save you a lot of money and improve your bottom line. You can calculate your payroll expenses by factoring in how many staff members you need to devote to the task and how much time they spend on it. Remember that you also need to factor in how productive they’d be elsewhere if they didn’t have to do that task. Remember that doing payroll isn’t just about calculating employee pay, but also printing costs, processing tax documents, and much more.
6. Ensure Accountability
Payroll service providers need to uphold the highest standards of accountability to stay in business and attract new clients. When you outsource, you can depend upon this accountability. Your payroll service provider will take care of the problem if a paycheck delay or paperwork error occurs. Even if you’re not happy with a particular payroll provider’s services, it’s easy to switch to a different company if you need to. On the other hand, hiring and training your own in-house payroll staff is a complex and cumbersome process.
7. Secure Information
Your payroll department needs to handle a lot of sensitive information regarding your employees and your finances. This makes security important. HR providers know how to protect your sensitive information and have access to the technology that’s necessary to ensure security.
8. Avoid Apprehension
Outsourcing payroll is a quick solution if the payroll demands at your company have been causing you a deal of grief, stress, and worry. With outsourced payroll, you can enjoy the peace of mind of knowing that your payroll calculations are accurate and completed without any delays, frustrations, or errors. As a business owner, excess worry can really slow you down and compromise the success of your business ventures. Outsourcing allows business owners to forget about worrisome distractions and get back to work with renewed focus and confidence.
9. Become Flexible
Flexibility is important in handling payroll needs. This is especially true if you have a seasonal business where you have to hire on additional employees at certain times of the year. Outsourcing payroll can allow you to easily handle temporary influxes in payroll responsibilities. It can also free up your staff members so that they’re able to take on new tasks that come up as your company grows and you progress in your business venture.
10. Obtain Valuable Insight
Those who handle payroll and HR know the business’ finances inside and out. This means that know objectively where your losses are coming from and where your profits are. They’re also more familiar with laws and regulations regarding your company’s payroll. This familiarity can save you money by avoiding payroll violations that could be costly.
These are just a few of the many advantages of outsourcing payroll. If you’d like to learn more about handling payroll in the most effective and efficient way possible, contact The Caputo Group with your questions and inquiries.