3 Crucial Reasons to Outsource Your Payroll
June 15, 2022
For many business owners, the idea of outsourcing any task when it could be handled in-house is seen as an unwarranted expense. However, when you take into account something as crucial and compliance-focused as your organization’s payroll, this couldn’t be more false. No matter if your company is a start-up or a multi-location corporation, outsourcing your payroll is an affordable luxury offering your organization many newfound efficiencies. Here are the top three reasons you should consider outsourcing your payroll.
1. Frees Up Staff
First and foremost, outsourced payroll removes the administrative burden of paying employees from business owners, HR staff and company accountants. Whether you have 10 employees or 10,000, running payroll is an extremely time-consuming task requiring a keen eye for detail. With an experienced payroll provider handling this task for you, you could use this energy to otherwise focus on strategic initiatives to further your bottom line.
2. Mitigates Compliance Risks
Staying compliant with your payroll is nearly a full-time job in itself, between staying up-to-date with the differing wage and hour laws and tax regulations varying by jurisdiction. Thankfully, outsourced payroll providers navigate these complicated tasks on your behalf so you won’t fall victim to expensive compliance fines. There’s also no need to worry when changes in labor laws or tax regulations are enacted, as your payroll provider will account for these.
Even though in-house payroll seems to be the best route financially, it doesn’t hold true over time. As your business grows and you hire more staff, you and/or your accounting team will spend an increased amount of time running payroll, taking away from running your company and creating new sources of revenue. On top of this, the cost of payroll software upgrades, tech support and potential penalties from compliance and human errors add up quickly.
Your Answer for Outsourced Payroll Services
Outsourcing payroll clearly comes with unbeatable advantages, all of which contribute to the overall efficiency of a business. However, it’s important to partner with the correct payroll provider to ensure your business’s unique needs are met. DM Payroll Solutions is an outsourced payroll provider trusted by hundreds of organizations to run payroll on time and correctly – each and every pay period. To learn more about our suite of outsourced payroll services customizable to your business, contact us today.