Outsourcing Payroll: Why You Should Be
There’s no shortage of noise out there decrying the hassle and confusion around tackling corporate payroll responsibilities internally.
Much better, go the conclusions upon which the puzzlers ultimately land, to farm the stuff out to an organization for whom it’s neither a hassle nor confusion.
Here are five reasons why:
1. Peace of mind. A whack of regularly updating regulatory demands for which professional organizations are responsible — from direct deposits and pay stubs to T4s, ROEs, employee deductions and government remittances — can prove troubling for small business owners who’ve already got enough on their plates.
2. Expertise. Whether a company works with temporary employees or independent contractors, and rapidly changing work conditions notwithstanding, a professional payroll service provider who’s been around the register a few times is eminently more knowledgeable about tackling these tasks than a dabbler.
3. Time savings. Choosing to work with an outside service provider frees up your inside industry.
4. Cost savings. Processing a payroll sheet, particularly for a larger company, can be a massive undertaking that requires the participation of many hands. Getting an outsider to do it not only frees up those hands, but the wages associated with them.
5. Technology currency. Staying abreast of business process software and technology can be a significant challenge for many small and mid-sized companies. Outsourcing payroll services to a contracted practitioner puts the techno-onus on them.
The changing nature of business coupled with the unchanging need to remain competitive elevates the advantages of outsourcing payroll to extremely attractive levels. Add to those cost savings, reliability, expertise and flat-out convenience, and the benefits of having someone else undertake your payroll burdens are flat-out.