Accuchex Blog

3 Ways To Benefit With Payroll Management Services

Posted by Tristan Ruhland on Aug 13, 2015 10:30:00 AM

outsourcing-payroll-management-services-postThere are a number of good reasons to consider outsourcing your payroll  to a professional payroll management services company. While you may want to retain some of your general accounting operations such as accounts payable and managing your receivables, payroll is a great candidate for outsourcing.

Although it is understandable to think that it is still more cost-effective to keep all of your payroll functions in-house, the truth is that many companies large and small find that the cost-savings can be substantial. In addition, there are other benefits that are not easily measured in dollars and cents, but that are just as viable and valuable.

Your Business Can Benefit From Outsourcing Your Payroll Management Services

HR managers are becoming increasingly overwhelmed with added responsibilities, growing regulatory obligations, and a continually changing HR landscape. Managing the complex interactions between departments and the relentless demands of federal, state and local agencies can take its toll.

So being able to safely and cost-effectively delegate one of the more onerous processes to an outside vendor can be a smart move on a number of levels.

Three Ways You Can Benefit By Outsourcing Your Payroll Management

A comprehensive list would mention such things as enhanced security and improved compliance. No doubt this can be a much longer list, but regardless of who asks the question, these three advantages are always cited as the major benefits:

1. Cost Savings
While you should always conduct and in-depth cost analysis, most every business - large and small - can realize significant savings in real dollars by outsourcing this function. In addition to the overhead costs reduction, your company can save on software costs, training and support costs, as well as compliance related expenditures. All this can be had by simply outsourcing payroll accounting to a reliable, professional outside firm.
2. Management Savings
This may seem like an unusual way of putting it, but sparing your management team the tedious work of ongoing payroll functions can improve their overall productivity. Outsourcing payroll essentially adds a substantial number of hours for HR staff to engage in other tasks with more long term benefits to the company. Removing the burden of payroll processing and reporting functions from often overworked staff can help to ensure greater accuracy, security and compliance.
3. Time Savings
This can be seen as another facet of cost savings. Every business owner and every manager knows that the old maxim, "Time is money" is most definitely true. According to one survey, the average time spent processing payroll for approximately 50 people was about 18% each month. That's equivalent to having one full-time person process payroll for every 250 employees. This doesn’t include processing changes in payroll, administrating benefits, or any other tasks associated with payroll accounting. 

When Is It Time To Outsource Payroll Management 

Outsourcing any function in your business should be a strategic and operational decision, one based on more than simply hoping to save money. And while saving money is indeed a major incentive, there are other indicators to consider when contemplating handing your payroll processing to an outside firm:

  • You are adding employees
  • Your payroll process exceeds your software's capabilities
  • You are adding payroll staff
  • Your employees want to have direct deposit options
  • Your staff is struggling to maintain compliance and accuracy

At a certain point it becomes increasingly apparent that delegating your payroll accounting process to a vendor such as Accuchex is the better move strategically. 

Considering Your Outsourcing Option

In addition to the time and dollar savings, having the peace of mind of knowing that your payroll processes are being handled competently, accurately, and on time is a great reason to consider outsourcing.

On top of that, you can be assured that the accountability and liability for compliance rests with your vendor, freeing you from the constant pressure of staying fully informed and compliant with the ever changing - and growing - rules, regulations, and legislation.

As a business owner or payroll manager you have a number of options for your payroll functions. Software that can be installed in-house, or cloud-based programs offer a good alternative. But if you really want to take full advantage of the benefits available to you, outsourcing to a provider like Accuchex can still be the best decision.

Reliability, full-service options, and reputation are the hallmarks of a quality payroll management service provider. If you are currently looking to invest in outsourcing your payroll management, get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.



Free Download: Payroll Outsourcing Guide












Topics: payroll management, payroll management companies, managed payroll services, outsourcing payroll management

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