Payroll involves a lot more than just signing checks. There are many steps involved in the payroll process and they can quickly become overwhelming. Beyond that, there are payroll-related compliance laws that come with heavy penalties if you aren’t in compliance. Outsourcing your payroll can mitigate some of these risks. Here is more information on the difficulties of managing payroll and how outsourcing can help:
Essential Tools for Managing Payroll
There are a few things you need to manage payroll correctly. First, you need to know what laws are involved in the payroll process. Laws surrounding overtime, garnishments, minimum wage, tipping, and taxation are all essential to processing payroll. You will also need to keep well-organized employee records. To know how to organize those records and what is included in them, click here. Additionally, you may want technology or tools to help with tracking employee hours.
Challenges of Payroll for Small Businesses
Payroll can present a variety of challenges for small business owners. One of these challenges is how much time payroll takes. Small business owners have a lot of critical work they need to do to keep their business running. Because of this, anything that drains time without directly adding to business function can be a huge disadvantage. Additionally, most small business owners do not have expertise in payroll. While using software or other online resources can help, understanding the rules and regulations surrounding payroll helps your company avoid costly fines and penalties.
What is Payroll Outsourcing?
Outsourcing your payroll means allowing another company to process payroll for your employees. Frequently, outsourcing companies go beyond simply running payroll. For example, Helpside offers payroll processing along with PTO accrual tracking, garnishments, verifications of employment, tax filings, and a dedicated payroll expert to advise you. While this doesn’t remove all responsibility off your shoulders, it can significantly reduce the burden.
Benefits of Payroll Outsourcing for Small Businesses
Time spent on anything other than taking care of your customers and employees and growing your business limits your ability to be successful. Outsourcing your payroll gives you access to high-quality payroll technology paired with payroll experts. You will be less likely to fall out of compliance. With experts on the laws and regulations surrounding payroll to keep your company safe. Paying employees correctly and on-time helps you keep the high-qualify employees you worked hard to find in the first place. Additionally, working with a payroll company may cost less than attempting to run payroll on your own or hiring someone in-house.
Are you interested in learning more about outsourcing your payroll? Contact Helpside for more information at firstname.lastname@example.org.