No matter how experienced and talented your HR and payroll management team may be, when they are understaffed and overworked, mistakes happen.
There are signs that indicate your team may be in need of additional staff and resources. Or it could also be that it's time to consider other options for managing your payroll process.
The larger your company becomes, the more time-consuming and complex your payroll functions become. And the never-ending parade of federal and state regulations and changes doesn't help.
Doing More With Less is Not an Option
Too many owners and management teams simply opt to add hours, add lower-level admin staffers, or spend large amounts of money on new software. And all of this in hopes of taming the beast of a growing payroll management process. There is a point of diminishing returns, however.
The problem is that mistakes begin to occur with more frequency. And errors and omissions in your payroll process can be dangerously expensive. Between the IRS and the state labor boards or commissions, the impact of fines and additional taxes and fees can be debilitating for a business.
This doesn't even take into account the impact on employee morale and the reflection on your own integrity.
Give Me a Sign
There are a number of errors and oversights that can occur throughout the payroll and HR processes. We have narrowed these down to ten of the most common and illustrated them in a "top ten" list for quick reference. If you recognize three or more of these occurring in your company, perhaps it's a sign that you need to consider a viable option for your payroll process.
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Not every business can or should outsource all of their HR functions. However, even smaller companies can benefit for the cost-savings of outsourcing one or two major functions. Perhaps the most commonly outsourced process is payroll.
You might already find that you are dealing with growing frustration and insufficient resources:
Too many mistakes.
Payroll mistakes are costly. A good payroll services provider is far less likely to make serious errors. And in the unlikely event that it happens you able to receive financial restitution from the provider. Peace of mind is one of the greatest benefits of outsourcing your payroll process.
Too much time.
Professional payroll management services specialize in processing complex payroll systems. Since your payroll staff probably has multiple roles to fill in your business, removing the burden of constantly processing your payroll will increase their productive time.
Staffing costs keep going up.
While large corporations might be able to absorb the cost of fully staffed payroll departments this is not the case for smaller businesses. And when you include the cost of printing and distributing checks, creating tax documents, and related tasks associated with your payroll process, the savings can be substantial.
Compliance is overwhelming.
A good payroll services provider is up to date and knowledgeable of all new tax laws and regulatory mandates on the federal, state and local levels. The burden on your own staff to maintain this level of compliance knowledge only increases with each legislative session.
Constantly upgrading payroll software.
Outdated software tax and payroll information can be a nightmare for a business requiring regular updates or upgrades. Outsourcing your payroll management process eliminates the need for these expenditures.
When You Know It's Time for a Change
Take some time to assess the state of your own payroll management capabilities. If these signs are present and you're finding that your payroll process has become a drain on your company's time and resources, then it's time for a change!
Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.