5 Benefits of Outsourcing Your Payroll
August 1, 2019
One of the most costly and time-consuming aspects of running a business is managing your employees’ payroll from week-to-week. And to top it all off, if your payroll isn’t processed on time, it can cost your business thousands of dollars in fines along with irreparable damage to employee morale. If you are not outsourcing your payroll, you should. Check out these five reasons you should consider outsourcing your business’s payroll:
- Reduces operating costs. When you switch from processing your payroll in-house to outsourcing, there’s a good chance you’ll see a cost savings. No longer will you have to worry about printing and distributing pay stubs to your employees.
- Saves you time. Regardless of the size of your business, attending to your employees’ payroll demands a great deal of time and energy. Whether that’s managing pay periods or creating payroll reports by hand — outsourcing immediately frees up your internal team’s time to focus on other important functions.
- Keeps you compliant with all your payroll-related tax laws. By outsourcing your payroll functions, you gain access to a team of experts that are trained on the specifics of payroll and all the regulations governing it. This helps you avoid costly IRS penalties for late or incorrect tax filings that can be painful to any business’s cash flow.
- Streamlines your processes. Tracking your employee benefits, garnishments and overtime can be a challenge. By outsourcing your payroll with a company that offers integrated human capital management solutions, you are assured accuracy and efficiency that only comes from an automated payroll processing system.
- Protects your private employee data. Managing your employees’ private data can be both challenging and risky — the threat of payroll fraud and security breaches is always looming. Working with a secured payroll provider gives you peace of mind knowing your private payroll information is protected by state-of-the-art systems.
With benefits like these, why tackle your company’s payroll alone? Here at DM Payroll Services, we stand ready to drive efficiency and accuracy in your payroll process, assume payroll-related tax filing responsibilities and protect your sensitive payroll data. With a 98.7% client satisfaction rate, we’re confident you’ll find the benefits in outsourcing your payroll to us. To take a quick demo of our software solution and learn more about our services, contact us today!