You Can Count the Benefits of Full-Service Payroll
Many business owners operate under the assumption that it is cheaper to process payroll in-house than to hire a full-service payroll processor. Many assume their accounting and HR departments are up to the task, and won't make any errors along the way. These are myths, and the fact is that hiring a team of professional payroll processors to complete the payroll each month offers numerous benefits that quickly add up to real savings.
One of the main benefits of full-service payroll processing is that it saves you time. It may not seem like it takes much time to do payroll, but even a few hours a week multiplied over the course of a year adds up quickly. That is time that your accounting department and the HR team can spend doing other, less menial tasks. More specifically, it's time they can spend identifying ways to attract top talent to your organization and generate revenue for your enterprise.
Payroll processing also saves you money. Approximately 40% of small businesses incur fines and penalties from the IRS each year over payroll errors. One slight miscalculation of a tax rate, employee salary, or employee status can cause regulatory migraines. Hiring a full-service payroll processing service helps avoid these problems. Regulations and the IRS code are continually evolving. Every year there are stacks of new rules and reporting requirements to adhere to and comply with. When you contract a payroll processing service, you are hiring dedicated teams whose job is to stay on top of these and make sure your business is compliant.
Further, contracting a full-service payroll processing service means you don't have to hire a dedicated employee to perform these tasks. Instead, you can hire a full-time employee who can design new products, enhance your service offerings, or generate sales.
One crucial benefit that small businesses benefit from is that when you contract a full-service payroll provider, you don't have to worry about missing payroll deadlines. The fact is that while your payroll schedule won't change, your order schedule, client requests, and other unexpected events can throw your schedule off course. Having to complete payroll on top of evolving day-to-day tasks increases the risk of delays and errors. Both of which can sink morale and impact the productivity of employees who depend on their paychecks arriving at a specific time on a specific date.
Finally, full-service payroll solutions provide thorough and detailed records for you to examine and review. This makes it easy to identify employees who deserve raises, adjust benefit programs to meet employee needs, and streamline costs to meet your business's evolving needs. In the end, the amount you pay to a full-service payroll processor is returned to you many times over through cost-savings and adjustments to your month-to-month operations.
"But, We've Always Done it This Way!"
This sentence is as much a problem for old businesses as it is for new ones. Just because you did it this way in the past doesn't mean it makes sense to do it the same way today. Business evolves, priorities and resources change, and businesses that thrive are those that streamline their payroll operations to meet not today's market, but tomorrow's opportunities.
Greenlink Payroll offers superior full-service payroll options your business can depend on to meet your needs. We encourage you to contact us at (480) 385-2525 to speak with our team about the ways our services can make doing payroll a chore you don't have to worry about every month.