Whether you have five or 5,000 employees, managing payroll is one of the most time-consuming monthly tasks for any business. In 2020, when businesses are looking to fight for any competitive edge, figuring out how to manage payroll functions might not be worth company time. Here are just a few ways outsourcing can help your company manage payroll.
CEOs of small businesses often try to manage their own payroll to save money, but many don’t know how to manage payroll functions and wind up spending double the amount of time an HR professional would need to complete the job.
Obviously, payroll is vital to a company’s success, but it’s not a revenue-producing function of a business. There are likely more important areas of business that employees can spend their time on than payroll.
Reduce Stress and Errors
Today’s fast-paced work environment has seen the rise of remote employees working out of the office, sometimes in different states. This can add a whole new layer of complexity to payroll. You might fully understand the payroll situation in one state, but what if you grow into new states this year? Is your team equipped to learn new regulations in different states while also fulfilling the other duties of their roles? How many extra hours will go into learning new area regulations? Furthermore, how will these factors affect your employees’ stress levels, which can negatively impact their work-life balance?
This is just one of the many emerging issues today that makes payroll prone to errors. Errors in payroll taxes can result in hefty fines from the IRS, while other payroll errors could delay employees’ paychecks.
Evolve with Constant Change
Payroll needs can change dramatically over a short period of time. From hourly workers who are clocking in and out to employee turnover, the only constant is change. Furthermore, if your business is in growth mode, you also must set up new employees through your onboarding process. With the ever-changing world of payroll, why not leave it up to the experts?
The right payroll provider can handle all of your payroll concerns and let you focus on running and expanding your business. Contact us today to learn how LBMC Employment Partners can help!