How much time do you spend managing payroll for your small business? One survey found that almost 30 percent of small business owners spend more than six hours a month putting payroll together.
Whether payroll takes you one hour or ten, there’s probably something better you could be doing with your time. That’s one reason you might want to consider outsourcing payroll.
That’s not the only good reason to consider sending payroll to someone else. Here are five major benefits your business can realize when you team up with payroll experts.
It Lets You Focus on Your Business
One of the most overlooked benefits of outsourcing for small businesses is that it lets you get back to business. Unless HR is what your business does, chances are your energy is best spent on other tasks.
Payroll and other HR tasks also aren’t revenue-generating. Wouldn’t it be better if you spent your time working on sales or new products? When you send these tasks to someone else, you can get back to business.
Outsourcing Payroll Gives You Access to Experts
One of the reasons payroll takes small business owners so much time is that they’re not experts. They need to spend more time making sure they’ve entered everything correctly and deducted the right amounts.
You can read up on payroll management tips, but your best bet is to send your payroll administration to a third-party partner. They have experts on staff and ready to help. Payroll will be done correctly and on time.
Improves Compliance and Reduces Mistakes
Another of the benefits of outsourcing to the experts is that it can improve compliance and reduce errors. Since you’re working with the experts at a payroll firm or a PEO, you can be sure they’re staying up to date on the latest laws.
With the right information and plenty of experience, they’re less likely to make mistakes. That, in turn, means you’ll be less likely to face an audit or be penalized. That can save you a lot of time, money, and stress.
If you want to learn more about what PEOs in particular do, check out https://avitusgroup.com/hackensack-new-jersey-bergen-county-peo/.
You Get Better Security and Technology
Small business owners often feel they can’t invest in the technology and security they need because of the costs. This can make your payroll process inefficient. It might also mean you’re at risk of exposing sensitive employee information.
Working with a provider can help. Since they work with many clients, they can invest in the best technology. The costs are then spread across the provider’s clients, allowing you access to the best for less.
The same is true of security. Since the provider has many clients, they’re going to invest in upgraded security to help keep everyone safe.
It Saves You Money
Finally, like most small business outsourcing, teaming up with a provider for payroll can help save you money. It can reduce penalties and audits, as well as the time you spend. That, in turn, can reduce how much you’re spending on payroll.
Grow Your Business the Right Way
Outsourcing payroll is a smart idea for almost every business. It’s an especially good move for small business owners. It saves time and money and gives you access to the best of the best.
Looking for more great business advice? Check-in with us often for all the latest tips and tricks!
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