When operating a small business, there are countless little tasks that need to be handled in order to run a workforce effectively. Every worker has certain expectations with respect to wages, benefits and other forms of employee support, and there are many logistical hurdles and pieces of paperwork that come along with them.
Even simple tasks, like processing payroll, can put a strain on a small business’ time, money, and manpower. There's no better time to search for a solution to this problem. It's possible that, depending on your circumstances, outsourcing the payroll process might make sense for your small business.
Here are three things to consider as you're weighing your payroll outsourcing options.
Compliance is a critical issue for businesses of all sizes – and particularly for small businesses, it’s tough to keep up with constantly changing legislation and employment laws, and then shift your strategy accordingly to abide by new regulations.
Outsourcing payroll to a trusted partner means that someone else keeps up with the changes so you don’t have to spend valuable time making sense of changing rules and regulations. You can also operate with greater certainty that pay cycles will be processed more accurately and on time. In addition, staff members will be on hand to answer any payroll-related inquiries that employees might have at any step along the way.
Processing payroll should be a basic part of HR operations, not a massive project that drags your company down. Ideally, you'd be able to have each employee paid each week or each month without any interruptions in other projects or business initiatives.
If that ideal isn't working out for your business, it might be time to make a change. You should have all the time you need to invest your skills and talents fully into achieving your strategic goals. If a little thing like payroll processing is getting in the way, now might be the right time to reach out for a little help.
Forget about the amount of paper on your desk and the number of spreadsheets on your desktop. One benefit of outsourcing payroll is that you can go paperless – or at least significantly reduce the amount of paper you have to slog through to make sense of payroll.
In addition to having less impact on the environment, outsourcing and going digital also means fewer misplaced or misfiled documents. Instead of a time-consuming manual process during every pay cycle, you can bask in the benefits of automation and cut down on time spent correcting errors.