4 Reasons Why You Should Outsource Your Payroll|
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Schedule a meeting with Aprio People Advisory Services to learn more about outsourced payroll.
The full story:
Are you spending way too much time on payroll? Do you lose sleep worrying about potential mistakes or slip-ups that could negatively affect your employees?
Count yourself among many time-pressed business owners who struggle with payroll. But you don’t have to feel anxious about the process; the answer is outsourcing.
In the first installment of my Tim Talks video series (linked above for your listening convenience), I highlight the four reasons why all business owners should consider outsourcing their payroll function to a third party. Here is a quick summary:
As you already know, you can’t afford to make payroll mistakes. And whether you’re a new startup or a growing business, hiring the right internal payroll specialist is far from easy. A third-party payroll provider can absorb the risk that is inherent in the payroll process, help you find the right talent, navigate complex tax laws or assign experts to run your payroll so you don’t have to.
Payroll is one of the most important aspects of your business — but it’s also one of the most time-consuming. A third-party payroll processor can take on every step of the payroll process and run it effectively, giving you more time back in your day. So, you can say goodbye to long nights and weekends spent poring over and double-checking entries, worrying whether you have processed payroll correctly.
3. Risk management
There is a lot on the line when it comes to running payroll. Take time-tracking, for instance — an internal payroll associate could inadvertently input wrong data from a spreadsheet or miss one digit on a time entry. That seemingly minuscule move could carry a lot of weight in the IRS’s eyes. You could be opening yourself up to major diligence issues and even criminal penalties for reporting incorrect payroll. When you hire a third-party payroll expert — one who has a breadth of resources and people at their disposal, plus deep expertise in tax law — then those worries go out the window.
Perhaps one of the biggest benefits of hiring an outsourced payroll provider is that you have a wide range of sophisticated tools and technology at your disposal, including a robust, integrated payroll system that grows with your business, an HRIS and capabilities for running background checks, all on one platform.
What’s more, payroll providers have mastered these systems, which saves you valuable training time and gives you peace of mind that your tools are being managed appropriately.
- The Top 11 Payroll Pain Points and How to Solve Them: Part I
- The Top 11 Payroll Pain Points and How to Solve Them: Part II
- About Aprio People Advisory Services
The bottom line
When you work with an experienced outsourced team, you can offload your entire payroll function and solely focus on running and growing your business.
If you’re looking for an outsourced partner to take payroll off your plate, contact Aprio’s People Advisory Services team. We take the lead on complex compliance and withholding matters, troubleshoot glitches and provide the valuable support you need to run payroll efficiently and accurately — every time.