Payroll is one of the most crucial areas of a business that requires great diligence and attention. Not only is payroll essential for team members to be properly compensated for their work, but there are also a lot of rules and regulations that go into managing the department. Running efficient payroll is a timely effort, which is why many business owners utilize outsourced payroll providers to take charge and manage it.
If your business currently runs in-house payroll and you have been curious about outsourced options, there are a few major signs to look out for to help you make the right decision.
Aiming to save time and streamline processes.
Does your current payroll process feel clunky? Many outsourced providers utilize robust technology that can centralize payroll data and automate your processes so that you can cut down on paper and focus time on other business areas. An outsourced provider can also provide solutions to evolve your reporting procedures, giving you the on-demand figures you need to make informed, timely business decisions.
Looking to cut costs.
If your business is searching for a more cost-friendly option for running a payroll department, an outsourced provider is a great way to minimize the standard costs that come with staffing a team, such as benefits, wages and overtime.
Lacking staff and experience.
Managing an effective and compliant payroll team requires a deep understanding of the payroll industry and experienced staff who know how to adhere to regulations. Recruiting and staffing team members with the right expertise can be difficult, especially with the current competitive job market. Without knowledgeable staff, there’s a greater risk of errors and mistakes that can put your business in problematic situations. Many outsourced providers have teams of certified professionals to adequately manage various payroll needs.
Struggling to keep up with payroll industry changes.
Payroll is a continuously evolving industry and recent global events like the COVID-19 pandemic have proved that drastic changes could occur at any time. If your business already has trouble navigating and implementing new state and federal laws, an outsourced provider may be your solution. Outsourced providers stay up to date with payroll industry updates to ensure your procedures are current and compliant.
Seeking to grow and expand the business.
Does your business have plans for future growth? For businesses to successfully grow, key departments like payroll must be scalable to meet the demand for more team members. If your current payroll process is lagging behind or already struggling to meet the needs of your staff, it may be time to consider an outsourced provider. Outsourced providers can often customize their services, providing you with the solutions you need for the short and long term. Some providers may offer advisory beyond payroll and can assist with other business areas such as HR, talent acquisition and performance management.
Operating payroll in-house may continue to be the correct choice for your business, and there are many organizations that do it well. However, if the above signs sounded all too familiar an outsourced provider may help you address your pain points and up-level your payroll processes.
When researching potential providers, be sure to perform your due diligence to confirm vendors have the capabilities and expertise your business needs to thrive. With the right fit, you can find a long-term partner to help you navigate all elements of payroll so that you can focus on other important business goals.
Our firm has been a trusted payroll provider for numerous years. We offer a robust, all-encompassing software solution, K-Pay, which allows clients to connect the dots between all areas of their payroll and human capital management. Our customized services can scale to meet your payroll needs no matter what phase your business is in. Reach out today to learn more about what our services can do to optimize your payroll.