7 Things You Didn’t Know About Payroll Outsourcing
Business today doesn't really handle their own technology issues because it's commonplace to outsource this to IT helpdesks. It is not worth the time and effort to try to solve the complex error message on your monitor and risk losing all your data, after all, you have a business to run?
Businesses outsource IT solutions, why not offload payroll to a payroll outsourcing service so that they can focus on their core competencies?
Every business is different, from its size and goals to its needs. Payroll is something that every business must handle, and payroll outsourcing can prove to be very beneficial.
Payroll Outsourcing Providers: What Features Do They Offer?
Providers with the knowledge and technology necessary to produce accurate, timely payroll results generally have these key characteristics:
An accounting system that integrates payroll processing is available, if necessary
Filing payroll taxes
Employee self-service anytime, anywhere, on any device
Pay options for employees
Processing of the end of the year
Processing wage garnishments
Payroll and customized reporting
Maintaining employee records
Reports on new hires
Accessible customer service
Why You Should Outsource Payroll
Employers who lack the expertise or administrative resources to manage payroll on their own may wish to hire a payroll service. Other advantages of outsourcing payroll include:
Payroll removal frees employers to focus on other important initiatives, such as product development, customer service, and sales.
Eliminate payroll errors
The payroll providers automate the labor-intensive aspects of payroll, thereby reducing the errors that result from manual calculations and data entry.
An outsourced payroll service with the latest technology, redundant backups, and multiple server locations provided by a reputable provider can help employers protect their confidential data.
Employers can rely on payroll providers to keep up with changing government regulations, since they handle all paperwork required for compliance.
Payroll integration with time and attendance, benefits, and other HR applications improves data accuracy and simplifies access to information through single sign-on
Self-service for employees
Employees can manage their withholdings, view their pay information, and log their hours through a full-service payroll solution on their mobile device.
Payroll providers charge fees, but compared to the fines and penalties that can result from mistakes, outsourcing payroll may actually save companies money.
What to Look for in an Outsourcing Payroll Provider
A full-service payroll provider can help smooth the transition, minimize disruptions for employees, and maintain peace of mind. Employers commonly follow these steps to ensure that outsourcing payroll is a success:
Payroll can be complicated when there are multiple pay frequencies and employee classifications.
Comply with the law
Payroll providers face an additional layer of complexity when adhering to multi-state and multi-national jurisdictions.
Review vendor history
Typically, reputable providers have stable ownership, strong finances, and a track record of successful implementations.
Take a look at peer reviews
Industry analysts and clients who have used the provider's payroll services can provide outside perspective and validate decisions.
Securing stakeholder support
It is often easier to outsource payroll if employees and senior leadership support it.
What Are the Benefits of Outsourcing Your Payroll?
Payroll outsourcing to OutsourceBD provides employers with some of the most comprehensive services on the market and the assurance that their businesses are protected. Almost two-thirds of customers say OutsourceBD helps them better comply with payroll taxes and regulations than their previous provider.
Our payroll outsourcing services include the following:
Payroll processing that is quick and error-free
Taxes are calculated, deducted, and paid automatically
Reporting quarterly and annually
Unemployment insurance claims management
Integrated time tracking capability