If your business hasn’t already taken advantage of outsourced payroll solutions, it needs to. Pronto. Here’s why.
Outsourcing payroll frees up time. – One of the most important reasons you need to outsource your payroll needs is to get back the time you or your HR personnel spend taking care of it. Since someone else is taking care of it for you and your company, you and your staff can take the time that would have otherwise been spent doing it and use it to do something that generates profit. On that note…
Outsource reduces costs. – Time is money, after all. By outsourcing, you not only get back whatever time you would have lost taking care of it, you get the labor costs back, too. Think about it. How much is your time worth? How long do you spend taking care of payroll? That’s the value you’re getting back. Research shows that a small business with only 10 employees will typically spend about $2,600 a year in direct labor costs associated with payroll. That’s no small amount. Outsourcing can help you get its real value back — your and your staff’s time.
Outsourcing smooths the process out. – When you hire an employee to take care of your payroll, you run the risk of them leaving the company, and taking all of their knowledge with them when they go. That means you need to spend the time hiring and training a new employee to take care of it, which can take weeks — if not months. Outsourcing allows you to work with a company you know won’t leave you, because they want your business. They want to do it. They’re not going to fire you. If anything, you can fire them if you don’t like the job they’re doing, and can quickly find another solution for the problem.
These are just a few of the reasons why your company would be more than wise to outsource its employee payroll. If you have any questions, feel free to share in the comments.