Benefits of Payroll Management Services
Managed payroll services can be extremely helpful. Many businesses today rely on payroll companies to navigate compliance risks and keep the entire process organized
While you can opt to manage payroll yourself or by hiring a dedicated payroll manager, here are 3 major benefits of fully managed payroll services that might make you change your mind.
1. Prevent IRS penalties and compliance risks
Payroll mistakes and missed deadlines are not all that uncommon, especially for small businesses without a dedicated payroll manager or service. These mistakes, if left unaddressed, can turn into penalty fees from the IRS. As an employer, you need to understand wage laws or have an expert who does.
Hiring a payroll agency provides the benefit of having a team of professionals that are up-to-date on the latest tax regulations, and a reputable provider will guarantee accuracy and compliance.
2. Control and reduce overhead costs
Managed payroll services provide businesses with the flexibility of turning fixed overhead costs into variable costs, which is great for seasonal businesses who don't always need full-time workers or small companies that can't afford to commit to a salary.
Rather than bringing on a full-time employee with benefits, adding an independent or temporary worker to your payroll will save you money during downtime and can always be brought on as full-time later on.
3. Save time (especially for small businesses!)
If you manage your payroll, you know how much time it can take-even for a small team. Many small businesses don't have the time or payroll automation software to complete the job efficiently and on time.
When you outsource payroll responsibilities, you no longer have to dedicate your valuable time or that of another staff member. Payroll is one of the most tedious and time-consuming tasks employers have to deal with. Working with a payroll agency lets you stay focused on day-to-day tasks and running your business.