Those who own a business learn quickly that outsourcing the payroll department may be a cost-effective and low-stress solution. There are plenty of full-service providers who are professional, punctual, and best of all take so much off your plate. Calculating wages and tax incidentals could all be handled by a payroll manager instead of you. That’s just one benefit to consider, and more to follow.
Less Error
Most companies offer a platform that is web or app-based for employees and employers to manage. Although technology has its fair share of errors, it is more reliable than human error. Therefore, an automated system would be more likely to reduce miscalculations, mistypes, and other entry errors.
Reduce Costs
With fewer errors, there will be fewer costs associated with mistakes that consequently require fines. You will likely find that outsourcing a payroll manager will be less of an investment than hiring someone in-house. You may not need a full-time manager and you wouldn’t need to offer additional benefits and insurance – a win!
Data Integration
An outsourced payroll manager provides a place to integrate employee data not only for payroll but your HR department. It will give a snapshot of pay, attendance, leave, overtime, and length of service, which may be an easy access point and time saver!
Employee Payroll Management
Another wonderful aspect of mobile or web-based payroll platforms is that they are basically self-service and available 24 hours to view or update your account profile and check your hours, wages, and withholdings.
Compliance Upkeep
An outsourced payroll manager will take care of and keep up with the changing laws and government regulations so that you don’t have to worry.
Security
With these platforms, there is typically a high-security integration that is offered to provide some relief for employees and employers by keeping any tax, salary, or personal information safe from scammers.
Time Saver
When business owners and managers are relieved of payroll duties, they obviously save time – time which can be better utilized to grow the business, focus on employee initiatives, and research product or process development. The list goes on depending on your industry.
We know your time is valuable, so why not save it by outsourcing work that could save you money? Contact Intentional Accounting today to learn more.
