When businesses look to grow their bottom line, many of the options considered are investments that can be made. But outsourcing payroll is not an option typically seen as an investment.
When the subject of outsourcing payroll comes up, one of the first questions that is asked is usually, "What's it going to cost us?"
But outsourcing can actually be a very cost-effective option in that it can free up valuable time and resources within your organization. The costs are typically far outweighed by the gains in productivity, accuracy and security.
It should, in fact, outsourcing your payroll functions should be viewed as an investment.
Outsourcing Payroll Management as a Business Investment
From a strategic perspective, there are many good reasons for outsourcing your payroll to a professional payroll management services company. You may want to retain some of your general accounting operations such as accounts payable and managing your receivables, however, but payroll is almost always a good function to outsource.
While it may seem that it's normally more cost-effective to keep all of your payroll functions in-house, the truth is that many companies find the cost-savings to be substantial. In addition, there are other benefits that, while not as easily measured in dollar amounts, are just as viable and just as valuable.
HR and payroll managers and directors are increasingly overwhelmed with added responsibilities, growing regulatory obligations, and a continually changing payroll landscape. Because the requirements are so staggering, juggling the interactions between departments and the growing regulatory demands of federal, state and local agencies, can overwhelm a business.
On the other hand, by outsourcing some or all of these functions, you can safely and cost-effectively delegate these burdensome processes to a reliable vendor. This can be a strategic investment on a number of levels.
Advantages of Outsourcing Payroll Management Tasks
Here are a number of major benefits to consider when considering outsourcing your payroll functions to a professional payroll management services provider:
(Infographic courtesy www.qarea.com)
When outsourcing to a reliable payroll management company you will have peace of mind knowing that your payroll and other HR processes are being handled competently, accurately, and on time.
On top of 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 regulations. These are benefits that you can assign actual dollar amounts to for further calculating the ROI of this particular investment.
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. If your business has been around a while, you may have considered outsourcing before, but never pursued it as a viable option.
Knowing how to get started or where to look can be a challenge. And you might fear that integrating a new payroll management approach into your current business plan will a major task. More likely, however, you may be wondering if the cost will be warranted by the results?
Making a major administrative change in any business system can be challenging and, in the case of outsourcing, will involve an investment. But when it comes to hiring a managed payroll service, the end result will be a payroll process that runs smoothly, accurately, and with someone else doing all the work.
Rhonda Abrams, author of Hire Your First Employee says,
"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 happy HR staff and the IRS at bay is to implement an effective payroll management system. And by outsourcing it, you can spend your time growing your business as opposed to handling burdensome and costly payroll management functions.
Finding a Reliable Payroll Management Service
As a business owner or payroll manager you do have many options for your payroll functions. Software that can be installed in-house or cloud-based programs offer good alternatives, for example.
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.