There is a lot of misinformation out there relating to what payroll services do. It is probably not intentional, given the fact that payroll is becoming more complicated with each passing year. Nonetheless, the misinformation is preventing some companies from outsourcing their payroll – companies that would otherwise benefit tremendously from doing so.
How about you? Have you thought about outsourcing payroll but have thus far been reluctant to take the plunge? If so, we want to help you better understand what our industry does. A good way to do that is to address some of the misinformation that seems to get in the way. Below are five things you should know about our industry.
1. We Work with Companies of All Sizes
One of the most pervasive pieces of misinformation is that outsourced payroll services are only for companies of a certain size. It is just not true. While payroll providers are more than willing to offer service to clients with hundreds or thousands of employees, we are also thrilled to work with small companies with fewer than 50. Size does not matter in this business.
No company is too small for outsourced payroll. We would even suggest that starting with a payroll service on the ground floor sets up a new start-up for greater success down the road. Never getting involved in payroll prevents that new company from ever getting entangled in its complicated web.
2. Outsourcing Costs Less in Most Cases
There is a tendency for employers to believe that outsourcing payroll costs more than doing it in-house. In most cases, it is just the opposite. Most prospective clients we speak with discover that they will save money by not having to employ their own payroll staff. Many of them also figure out that they can increase their revenue by redirecting their savings toward better serving their own customers.
3. We Go Beyond Cutting Paychecks
BenefitMall is among a number of payroll service providers offering services above and beyond cutting paychecks. For example, did you know that we also offer benefits administration services? We can integrate your payroll with affordable 401(k) plans, pay-as-you-go workers’ compensation insurance, and more. We even offer a selection of back office functions including background checks and employee onboarding.
4. We Handle Compliance Issues
In our opinion, one of the most important reasons for outsourcing payroll is to guarantee regulatory compliance. There are a lot of moving parts here – from withholding to tax reporting to ACA compliance. It has been our experience that regulatory compliance is one of the most challenging aspects of small business payroll. It doesn't have to be, though. Outsourcing payroll to a company like ours mitigates compliance issues.
5. We Utilize the Latest Technology
Finally, the modern payroll service provider relies on the latest technology to keep things as efficient and cost-effective as possible. While your company may still be relying on a legacy payroll system that includes paper time cards and a punch clock, we offer state-of-the-art electronic software solutions that reduce errors, increase accuracy, and save a ton of time.
We are in the payroll and benefits administration business, so it makes sense that we are going to promote what we do as beneficial for your business. But don't just take our word for it. Instead, put us to the test. Give us a call and see what we can do to help your business run more smoothly. We would wager that at least some, if not all, of our services are exactly what you are looking for.