Do-it-yourself or in-house payroll processing is time-intensive and complex. In many small businesses, the person running payroll is also responsible for other essential roles in the successful operation of the company.
There are many advantages to outsourcing payroll to remove this heavy burden and ensure it is done correctly.
Top 3 Payroll Outsourcing Benefits
- Stay up-to-date with changing payroll and employment laws and legislation.
Frequent changes to minimum wage, workers’ compensation, earned paid sick leave, state and federal payroll tax regulations, and other wage-related laws make it difficult to process payroll accurately. Small business owners face stiff financial or legal penalties if they don’t comply. In addition, unusual situations come up with employees that require specific action. Outsourcing payroll to an experienced provider like Virtual Associates eliminates the stress and the risk.
- Save time and improve efficiency.
Payroll processing requires an extensive time commitment that doesn’t increase your revenue. It’s time lost you’ll never get back. Furthermore, it’s not a one-and-done task. You must calculate payroll amounts, distribute checks and pay stubs, prepare tax remittances, generate reporting for IRS record-keeping, keep up with current laws and regulations, handle special circumstances, and more at least twice per month. You and your staff’s time may be better spent on profit-generating activities.
- Save money.
When a small business of 50 or fewer employees weighs the cost of in-house payroll (staff, equipment, software, time) versus outsourcing payroll services, the results are clear. Hiring an experienced external payroll provider will almost always save you money. The most important aspect for realizing this savings is in choosing the right payroll company.
Additional benefits to outsourcing payroll include confidentiality, data protection, security, a long-term partnership, and peace of mind.
Virtual Associates provides small business owners a customized payroll solution to fit your needs. Our features and exceptional customer service make payroll outsourcing efficient, accurate, and affordable.
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