Some employers may wonder why they would need to outsource their payroll services. There are many reasons why you should consider this option, the most popular being the area of compliance. As an employer, you are responsible for following very strict guidelines when it comes to employee payroll. The federal government governs these laws. They will vary depending on geography, whether or not your company is unionized, and if any of your employees are subject to federal minimum wage requirements.
Micromanaging payroll takes time away from the higher priority areas of the company. Moreover, it’s expensive to have staff dedicated to this task, and it can be difficult to find qualified staff who are trained in this field. Meanwhile, outsourcing a payroll service provider like Williams Accounting & Consulting firm ensures that there is an organization behind paychecks, taxes are being taken care of, and employees are being paid appropriately.
So, here are the top 4 reasons you should outsource a payroll service provider.
- Saves time
Outsourcing payroll service providers not only helps in saving time but also minimizes the need for hiring a full-time payroll specialist. They are able to manage an employee’s employment information and tax forms accordingly. In addition, payroll service providers can complete tasks more efficiently because they have experience handling large volumes of paychecks each month.
- Print, sign, and distribute paychecks
Many employers find that it is more cost-effective and less time-consuming to contract the payroll service provider. If you have outsourced a payroll service provider, you then don’t have to go through the hassles of printing, signing, and distributing paychecks. This means that instead of taking on the responsibility of processing all the payroll, the employer pays a fee to an outside company to do it.
- Generates report for in-house and accountant use
One of the main benefits of outsourcing your payroll is that you will be able to generate reports specific to your company for both internal and accountant use that may otherwise require hiring additional staff or specialised accounting services. With the introduction of outsourcing providers, employers can free up their valuable time spent on administrative tasks and head back to work. In addition, outsourcing payroll services providers also give you access to a multitude of reporting tools that will help you get your payroll done efficiently with little fuss.
- Prepare and remit payroll taxes and returns to government agencies
Payroll taxes and returns can be a huge headache. A payroll service provider can help with preparing and remitting payroll taxes and returns to government agencies for the company in their name, saving them time and money. Anyone who has ever been responsible for providing accurate payroll information to government agencies knows how time-consuming it can be, especially if you have employees in different states.