subject: Saving Resources By Outsourcing Payroll [print this page] A payroll department can be one of the most significant expenses for any company. The cost to hire a competent employee means verifying all facts on the application, including previous experience and employers, running a thorough background check, as well as initial job training, future instruction to remain current with tax changes, and salary.
With the time and effort that is spent to hire and fund a competent staff, many businesses find that outsourcing payroll is a more viable and appealing solution, as it is both more time and cost effective. The financial advantages of outsourcing payroll are numerous.
Take into consideration that a company has to have reliable employees to handle the payroll process, which includes reviewing hours, requesting hours from those that forget to provide them, maintaining the payroll books, processing the payroll and making sure that the checks are sent out in time.
Additionally, staff must remain current with inevitable changes to tax laws and regulations. Because accurate management of revenue is essential to the success of any business, it goes without saying that whoever handles the payroll must be trustworthy and dependable. A simple mistake can result in serious problems later, be they in the form of fines for improperly filed taxes, or employee dissatisfaction resulting from payroll errors. Whatever the issue, it will ultimately result in lost revenue and wasted resources.
Given the risks, it is vital for any business that has decided to outsource payroll to choose a reputable, dependable company. There are certain qualities and services to search for when deciding which company to trust handling your payroll. Most importantly, you will want to choose a company with competent accounting skills that will keep accurate records and file everything properly. This can ensure that your company will not fall prey to extra fees and fines come tax season.
Besides maintaining accurate records, it is also necessary to ensure that the company you pick remains up to date with the latest tax compliance laws so that your company is protected. Even if a mistake is made, the outsourced payroll company should maintain that they will take the responsibility for their error, as well as showing that their error rate is extremely low and leaving you to feel comfortable with an outside company handling the money.
In terms of proper record keeping, you should be able to see every aspect of the financial matters, meaning that there should be no concern over where the money is going. Transparency should always be a priority when choosing a payroll company, as it enables quick identification of problems, should they arise.
In addition to a reliable and experienced accounting team, excellent customer service can make the entire process go smoothly and without error and stress. Customer service should be available during normal business hours, and not merely consist of access to long, automated phone menus, prerecorded messages, or an offshore call center. Quality customer service ensures that your questions and concerns related to payroll can be handled immediately by knowledgeable professionals.
