Owners of SMBs with under 50 employees must be resourceful when running their business (or businesses!). Taking on different projects is a challenging and exciting part of the job, but it can be a lot to handle.
Sometimes the best way to balance tasks is through delegation. That means partnering with trusted third-parties capable of solving problems, increasing operational efficiency, and saving valuable time.
One great way to optimize an operation is through working with a payroll service. They can do things like automate tasks and ensure a business is in compliance with government regulations.
Are you an SMB with under 50 employees handling your own payroll? If so, here’s 4 Reasons You Should Consider Payroll Services.
#1 Payroll Services Save Time
If you’re running payroll in-house, then you understand the attention to detail needed to ensure you make no mistakes. Afterall, one slip can cost a lot of money. The problem is that attention to detail uses a commodity SMB owners are often short of: time.
Working with a payroll services provider frees up time, so you can work on important projects that expand your business.
#2 They Reduce Overhead
Look at it on the flip-side. If you’re not spending time on payroll, then you’re paying someone else to do it. There’s no doubt the savings from outsourcing to a payroll service will exceed the cost of having someone do it in-house, especially for a business with under 50 employees.
Don’t understand how? Read on.
#3 They Keep Your Business in Compliance
SMBs doing their own payroll (whether it’s you or an employee) are often unaware of government compliance and regulations. Have you missed a filing deadline, misclassified an employee, or accidentally ran your payroll late? Mistakes like that cost a lot of money. That’s money SMBs can’t afford to lose.
Using a qualified payroll program keeps your business in compliance, which saves a lot of money by avoiding government penalties and fees. Payroll Services Help Secure Data
Running payroll in-house is a risky business. You maintain private employee data like social security numbers and salary information. With a unsecure system, data is vulnerable to identity theft. It’s an incident most SMBs can’t afford financially or in reputation.
The best way to guarantee the safety of employee data is to work with a payroll service who can afford top encryption technologies. It also puts the burden of keeping data secure on the service instead of your business.
#4 Maintain Your Personnel Budget
SMBs always have to be on the lookout for the best talent. But the biggest expense (and the #1 asset) of any business is personnel. It’s nice if you always have the funds to hire the best and brightest. However, most SMBs rarely have those funds and must maintain a personnel budget.
Payroll services companies not only help pay your people on time, but also keep you on track when hiring new employees. It’s another task human resources doesn’t have to deal with.
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