As a small business owner, you want to have the time to focus on your customers, your products and your services. One way that business owners allocate more time and add more value to their businesses is by outsourcing responsibilities that are often better left to the experts. Among these are payroll and human resource services, which further break down into smaller components. Read below to get a better idea of each of the services a payroll processing company like Paychex, Intuit, or ADP can provide.
Small Business Payroll
If you have 50 or fewer employees, you will likely be well served to outsource your payroll functions. Paying employees accurately and on time is an important step for developing employee loyalty and dedication. A professional payroll company makes sure that your employees are paid correctly for any payroll cycle that you establish. Because companies like Paychex have more than 100 local offices around the country, utilizing their services can feel just like having your own dedicated payroll department. They offer flexibility for all steps of the payroll process — from employee set up through payroll review, approval and payday disbursements, they have an alternative to match your business needs.
As a business owner, you aren’t tied to your office and need the flexibility to be able to submit, enter and approve your payroll from anywhere you can access the Internet. Online payroll lets you handle your payroll and review relevant reports when and where it is convenient for you. In addition, your employees can have access to review their own payroll information and minimize your time spent answering questions and reproducing paystubs and reports.
As your small business grows, there are advantages to streamlining and integrating payroll processing, human resource management, disbursements and expense management. With decades of experience helping businesses achieve success through administrative efficiencies, an outsourced company can bring their expertise to your business and help take the cost savings to your bottom line. Many business owners lack the expertise to hire truly skilled professionals — outsourcing makes this much easier, as you’re relying on a company that focuses primarily on payroll and accounting to effectively make those hiring decisions for you.
It seems that every year brings new regulations and changes to payroll tax requirements. At the federal, state and local levels, there is no need for you to stay current on the latest tax rules. Paychex, ADP, Intuit, and most other reputable payroll processors do that for you. That means you can be assured that your business is meeting all of its payroll tax responsibilities. Their professionals stay up-to-date on the tax laws across the country to make sure that their processing software reflects the correct regulations and rates. If you choose, they can file all tax reports and make all payroll tax payments for your company. You can focus on your business with the assurance that your payroll partner is keeping you tax compliant.
Time & Attendance Solutions
As with other modules in the fleet of payroll products, there are alternative methods to collecting your employees’ productive time. The products range from the traditional time clock using the latest in biometric identification methods to online collection through laptops and smartphones. Each is designed to feed payroll processing software accurately and seamlessly at the start of each payroll processing cycle. Time and attendance reports also provide the basis for identifying peak labor needs and establishing work schedules.
You know best that your company’s employees are its most valuable asset. Many payroll companies provide onsite or remote assistance with making sure that human resource management for your company is in accord with legal requirements. They can also help maximize the value added from each of your employees. Outsourced human resource management services are scalable to both your current needs and as your company grows and secures additional employees.
Compliance / Workers’ Comp
Human resource management requirements are continuously changing at the federal, state and local levels. There is no need for you to keep up with these changes when an outsourced partner’s human resource management experts are continually tracking the requirements in the locations where you have employees. They make sure your small business stays compliant on all workers’ compensation, reporting and disclosure regulations.
Hiring / Applicant Tracking
When you are growing your business, you need to bring trusted, qualified employees on board quickly. Matching the right person to an opening in your organization reduces employee turnover rate and saves you time and money. Some payroll companies can help promote your personnel needs on the most popular job and social sites. Some even offer services to go through the potentially hundreds of applications to identify the candidates that are most likely to be successful within your organization. Need to perform background checks and reference contacts? That can be arranged as well, with your HR partner forwarding the short list of most attractive candidates, leaving the ultimate hiring decision with you.
Employee Benefits Management
Employee benefits are becoming a larger factor in attracting and maintaining valuable employees. Outsourced specialists can help you understand which benefits are most valuable to your employees, allowing you to get the greatest return on your benefit expenditures.