It’s no secret that running a business involves constantly adapting to change. Sometimes it’s gradual as trends come and go; other times it’s rapid like when a global pandemic comes along.
What never changes, though, is the need to pay your employees accurately and on time. No matter what the economy does or what happens in the world, the people who rely on you for their livelihoods are counting on you to have your payroll processes in order.
Most people live paycheck to paycheck. If fact, according to the American Payroll Association, 72% of US employees would experience financial difficulty if their paychecks were delayed by 1 week.
That’s why you need to make sure you are taking advantage of all the ways that payroll experts can save you time and money.
Professional Payroll Services
60% of small businesses handle payroll in-house (softwareadvice.com). SCORE.org reports that 40% of small business owners say that taxes and bookkeeping are the “worst and most time-consuming part of owning a business.” Why not shift something you dread doing yourself to someone who can do it better?
ADP defines a payroll service provider as “a company that either assists with or assumes all aspects of payroll on behalf of another business.” The service they provide and the technology they use dramatically simplify what could be a complicated and labor-intensive task for small business owners.
What they can do goes beyond just automatic payroll processing. Among other things, they are able to help with
- tax withholding and wage garnishment
- tax filing
- compliance
- reporting
Professional payroll services can meet a major need in your business. These are people who are experts in helping you get your team members the money they’ve worked hard for. And by handing your payroll burden off to them, you free yourself up to maximize your own time and energy.
(Want even more payroll stats that show how important it is? Take a look at these 38 interesting payroll facts and statistics you should know.)
Outsourced Payroll Professionals
You can hire a payroll professional to be a full-time member of your team, but thanks to the internet and today’s remote work capabilities you don’t have to. Outsourced payroll professionals can do everything you need while costing you a lot less than another in-house employee.
When you hire someone to work in your business, you take on the expense of not only their salary but benefits, workspace expenses (physical space, equipment, supplies, utility usage), and onboarding costs. Those things can add up quickly. Plus, there are demands on your time and attention as you manage that individual and try to make sure they’re doing their job well.
By outsourcing, you shift all of those liabilities to someone else so all you have to focus on is whether or not you are getting the payroll service you need. Here are just a few of the benefits you get when you outsource your payroll:
- Time Savings – When you free up valuable time that you would have been spending on tedious payroll tasks, you are able to turn your attention to the things that help your business thrive and grow.
- Cost Savings – Money you would have had to spend on the things we mentioned above can then be invested in other parts of your company that will then generate even more revenue.
- Access to Experts – Payroll processing pros are focused on one thing only, and they are able to stay on top of changes in laws and compliance requirements. They are experts in their field who bring all of that knowledge to everything they do for you.
- Data Security – Since payroll involves handling lots of sensitive personal information about you and your employees, it’s essential that whoever you use is able to keep it completely safe. There are lots of opportunities for confidential information to accidentally (or maliciously) get exposed when your payroll data is held in-house.
In fact, according to a study by the Association of Fraud Examiners, your payroll data is safer if it’s stored somewhere other than your offices. A large percentage of payroll fraud is done through someone creating ghost employees, intentionally overpaying workers, and falsely reporting key information.
Outsourced payroll companies keep your information secure off-site and away from prying eyes. And since they depend on keeping you as a customer, they are laser-focused on making sure it stays safe.
Payroll Outsourcing Solutions
When you’re ready to outsource your payroll, there are several solutions you can take advantage of.
- You can use a fully remote freelance individual.
- You can use a fully remote payroll company.
- You can use a local accounting firm that also does payroll.
- You can use a remote accounting firm that also does payroll.
CRS CPAs falls into that last category. We are a full-service accounting firm that provides a wide range of financial solutions for our clients. Thanks to the fact that we have multiple accountants and business experts working out of 6 locations, we are able to strategically pair each client with the exact professional help they need.
Payroll and HR support is one of our biggest service areas. Within it, we provide help with:
- Human Resource Management
- Online Payroll Processing
- W-2, W-3, and 1099 Processing
- Workers Compensation Audits
- Unemployment Claims Reporting
So when you’re shopping around for payroll outsourcing solutions, make sure that the company you decide to partner with is equipped like that to be able to deliver the results you deserve.
Certified Payroll Specialists
Another thing to look for when outsourcing your payroll is professional licenses. A Certified Payroll Professional (or Specialist) is someone who has completed a series of continuing education courses and successfully passed a rigorous exam process. They are certified by organizations like PayrollOrg (created when the American Payroll Association and the Global Payroll Management Institute combined) or the National Association of Certified Bookkeepers.
A license from one of these places lets you know that the person you’re working with has gone the extra mile so you can have the peace of mind that they are competent and committed to doing a great job.
Reliable Payroll Professionals
More than anything as a small business owner you want the people you work with to be reliable. You can’t afford to trust such a critical part of your company’s success (or failure) to just anyone. Taking time to learn as much as you can about who you’re thinking of outsourcing your payroll is essential. And when you are able to breathe easier knowing that your payroll is in good hands, you’ll be able to focus on growing your business and winning the day.
Trust Proven Payroll Experts
Streamline your payroll process and discover how you can save time and money. Our payroll pros have over 40 years of experience helping small business owners just like you pay their employees accurately and on time… every time.
Schedule a call today to find out how better payroll can help you go from mess to success. P.S. – Also check out these 7 big misconceptions about online small business payroll processing you should know.
