Your payroll process is one of the most vital processes in your business. It is also one that is most fraught with compliance, accuracy, and cost concerns.
Most small to mid-sized businesses continue to manage their payroll process in-house though the numbers who have turned to outsourcing continue to grow. For a number of reasons it can be far more cost-effective and secure for smaller companies to outsource this function.
The Real Costs of Your Payroll Process
Once a business exceeds, say, 500 employees or more the cost per employee for payroll begins to equal that of outsourcing the same. However, for businesses employing less that 100 and especially under fifty, the advantages of outsourcing can be significant.
The costs associated with in-house payroll processing - especially a "manual" system using paper time cards and other paper-based tools - can be costly in ways you may not have realized. This infographic illustrates the very real associated costs that can and often are incurred by businesses doing their own payroll:
While outsourcing payroll is not the answer for every smaller business, the advantages and benefits are worth investigating. In addition to reducing your in-house costs, increasing accuracy and security, you can benefit by shifting your limited HR resources to improving operational functions, recruiting efforts, and training.
Finding 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.