Payroll management is more than just cutting checks. In fact, it “checks” a lot of other boxes as well.
Most small businesses understand that payroll management is a chore. It requires accurate, meticulous records while constantly evolving to meet the latest regulations. It isn’t easy.
Yet, outsourcing payroll can remove this from your to-do list. Anthony Cavaluzzi specializes in business efficiency. Although his company, Profit Management Solutions LLC, consults on a wide array of business-related issues, these professionals are experts at generating savings for their clients. One of their first recommendations is often to outsource payroll services.
With this in mind, Anthony Cavaluzzi discusses five reasons any small business should consider outsourcing payroll.
You’re likely already looking for more hours in the day. When operating a start-up or running a small business, owners are already spread thin. Managing employees. Scheduling staff. Making sales. Stocking shelves. All of these require attention, energy, and time. By allowing Profit Management Solutions LLC to examine your business, these professionals can help free up more time to focus on other needs.
Time is money. It’s a cliche that rings true. Payroll processing can be costly when completed in-house. Simply calculate the hours an internal payroll processor spends each week on these activities. Logging, printing, and issuing checks is just the beginning. This staff must also stay up to date with training, tax preparation, and software changes. By comparison, outsourcing is a much less expensive option. Anthony Cavaluzzi and this team can find qualified experts to perform these services for a fraction of what it costs to staff a full-time employee.
Mistakes, unfortunately, are costly. Inaccurate, mismanaged records or improper handling of personal data can be pricey. Fines and legal fees quickly add up. Even the simplest of discrepancies can be challenging to overcome. With rules and laws constantly changing, keeping up with new regulations can be equally overwhelming. Professional payroll managers minimize the risk. They bear this burden. Working with Profit Management Solutions LLC, experts do the difficult work so you can ensure compliance and maintain accurate records.
A growing business needs to have the right tools. Outsourcing payroll makes staying current with the latest technology much easier. These up-to-date tools provide greater security, flexibility, and transparency. Installing these systems on your own is incredibly prohibitive. Although new software is expensive, there’s also a huge learning curve as your staff attempts to integrate these updates.
No one works for free. Your employees want to be compensated correctly. Your employees trust you’ll provide. As an employer, providing accurate, on-time paychecks is a key responsibility. Delays or inaccuracies can lead to frustration and friction. For this reason, Anthony Cavaluzzi stresses outsourcing and automation. This alleviates stress and worry. External services account for bonuses, holidays, and other deductions, so payroll is never disrupted.