Outsourcing is certainly not a new concept for businesses, but it does not have to be a strategy limited to only larger companies, either.
Almost any business can benefit from outsourcing their payroll process. It is a strategic decision that can result in a number of benefits and cost-savings for businesses both large and small. The key is to consider the intangible benefits, as well.
Outsourcing payroll can be far more than a very cost-effective move - it can also be a change that will free up valuable time and resources within your organization.
But one of the first questions that come to mind when considering outsourcing is usually, "What's it going to cost?"
Payroll Process Outsourcing as an Investment Strategy
While it is tempting to simply look at outsourcing of any kind as an expense, outsourcing your payroll functions should, in fact, be viewed as a strategic investment. And keep in mind that investments imply a return.
If your company is still employing a manual payroll process utilizing paper forms, checks and even time cards, the return-on-investment with outsourcing can be significant.
Here are nine reasons to consider when assessing the strategic benefits of outsourcing your payroll management process to a professional payroll management services provider:
(Infographic courtesy of QArea)
In addition to the considerations listed in this infographic, you can also have the peace of mind of knowing that your payroll and other HR processes are being handled competently, accurately, and on time.
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.
Benefits Outweigh the Costs of a Payroll Service
If your company has been growing for a while, odds are you are probably already thinking about the need for payroll management companies.
However, knowing how to get started or where to turn can be challenging. It may seem that integrating a new payroll management approach into the overall business plan of your company is a major task. Or you may be wondering if the cost will be warranted by the results? Making a change in any business system can be challenging and, in the case of outsourcing payroll, it can involve an investment.
But the end result will be a payroll system that runs smoothly, accurately, and without you doing all the work.
Outsourcing as a Fiscal Business Strategy
Author Rhonda Abrams notes,
"One of my rules is, if you have even one employee, get a payroll service. The penalties for screwing up are so much more expensive than the cost for the payroll."
One of the keys to keeping your employees happy - and the IRS - is having an effective payroll management system. This is easily done by outsourcing those functions to a reliable payroll management service. It will also provide you and your staff with more time.
Along with reducing your overhead and minimizing the labor involved with payroll, you can use that time to grow your business instead of continuing to oversee your payroll management functions every pay period.
A Reliable Payroll Management Service
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 you get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.