One of the most critical and legally intensive human capital management functions of any organization is payroll processing. Not only is the timely receipt of employee paychecks a legal obligation, it is the ultimate, thankless demand of every employee that puts in their day’s work.
Outsourcing Payroll Pros and Cons
Employees are not the only ones who expect perfection out of the payroll function. The IRS and other jurisdictions expect it too—not to mention those that require timely receipt of information from the payroll department such as benefit and garnishment amounts, general ledger interfaces and data analytics.
The demand on the payroll department is high; and therefore may benefit from being outsourced.
Why Should You Outsource Your Payroll?
- Economies of Scale
Your payroll vendor keeps up with the latest technologies and applies them across the board to their entire customer base. Why drive up payroll technology spend in your organization trying to create the perfect system to crunch out payroll when you can jump on the train of a well-oiled payroll engine that is passing savings onto you?
This is a big one. Payroll vendors keep up with all of the latest jurisdictional reporting and taxation requirements so their customers don’t have to. And penalties are nothing to sneeze at. One IRS penalty can potentially pay for a year’s worth of payroll processing. Why take the risk? By outsourcing to an outside vendor, you are outsourcing the liability as well. Think of it as an insurance policy against compliance fender benders.
- Greater Focus on Your Core Business
Let the experts do what they do best so your organization can do what it does best. By outsourcing a necessary function like payroll to a payroll expert, your organization can now focus on making your employees successful so that your business is successful. Payroll is not a glitz and glamour function. Save your energy and resources for your customers, and focus on being the best in your business space that you can be.
- Vendor Business Relationships
Payroll vendors make a lot of great friends around the industries that relate to the business of doing payroll. If they don’t manage the ancillary functions that outstretch from payroll themselves, they build business relationships with the top companies in the industry to provide a complete solution to their customer base. Take advantage of the networking and partnerships that your payroll vendor has already done, so that you don’t have to.
- Time Savings
The amount of time it takes for you to explain to your IT department what you need the new and sudden W2 change to look like, payroll vendors have already incorporated the changes into their systems. Stop worrying if you will be home for the holidays because you are trying to get W2s out the door. Save valuable and precious time by outsourcing these sudden surprises.
See All the Benefits of Outsourced Payroll Services
With these benefits of outsourced payroll solutions from EPAY Systems, you'll be able to see a difference in your company's performance along with the efficiency and accuracy of payroll management. You won't need to remain concerned about whether your company is spending too much time and resources on payroll when it could be better spent on more lucrative efforts.
As one of the top payroll outsourcing companies you'll find, EPAY Systems is here to provide you with customized solution that meets all of your business's requirements. We'll help you remain compliant and efficient, with outsourced payroll services that help your business thrive. Let our team of experienced experts help your business today by providing you with dependable solutions that can make payroll management simple and easy.
Outsourced Payroll Solutions
Payroll is a heavy load of necessity that does not directly contribute to your organization’s core business of serving its customers. Outsourcing payroll can be of great benefit to your business, allowing you to spend more time focusing on other important areas of business that might otherwise remain neglected. At the same time, you'll be able to benefit from increased accuracy of payroll calculations.
Leave payroll to the experts, along with other aspects of workforce management solutions. They'll be able to take away some of the many pains of payroll management, and help you more effectively manage your workforce in the long run.