Payroll outsourcing is becoming increasingly common among businesses of all sizes – even in smaller companies. Some are surprised to learn this, but there are usually across-the-board benefits to outsourcing payroll and HR services, particularly as various laws and regulations governing HR continue to become more complicated.
2017 is undoubtedly going to see a lot of companies choosing to outsource their payroll services in Covina, and across the country. Is it right for your business as well?
The Top 4 Reasons to Outsource Your Payroll Services in Covina
In most cases, outsourced payroll services can save significant money compared to doing it in house. It’s a question of cumulative costs. When you have to have hardware and software largely devoted to HR functions, plus manpower, along with compliance audits and other costs associated with adhering to regulations, HR and payroll can cost a lot of money over time.
When you outsource payroll, that gets collapsed into a single predictable bill that’s usually far less than what you’d pay handling it yourself.
- Guaranteed Compliance
The maze of acronym-based regulations a business must adhere to – such as COBRA, HIPAA, and FMLA – are constantly growing. Auditing and compliance can now be a major burden, even for relatively small organization. Plus, there’s the challenge of staying informed about regulatory changes that affect you. When you hire experts to handle your payroll, that stress simply goes away and you can rest assured your legal burdens will be taken care of.
- Improved Electronic Payment and Inquiry Services
A top-tier financial group has access to the systems needed to integrate electronic payment options, as well as self-serve online portals for your workforce to handle many of their own inquiries. These are features which could be prohibitively expensive for a business to implement on their own. But with the right partner, payroll becomes more convenient for your workforce and your managers.
- Focusing on What Truly Matters
HR and Payroll aren’t part of your core business and competency – they’re just processes that must be handled for a business to operate. Why spend any more time and money on ancillary matters than you have to? Payroll outsourcing frees up resources to focus on managing and growing your business, rather than bureaucracy.