Highlights:
- Managing payroll is a complex, time-consuming task that requires the right skills and technology to ensure accuracy and efficiency.
- By outsourcing payroll to a specialized partner, small and mid-sized businesses can save time and money, and gain access to expertise and resources.
- At QBS, we provide integrated payroll solutions so you can have more time to focus on growing your business. Contact us to get started!
Running a business is no easy feat. Between managing employees, keeping customers happy, and staying ahead of the competition, it’s easy for tasks like payroll to slip through the cracks. But what if there was a way to ensure accurate, on-time payments for your employees while freeing up valuable time and resources for you to focus on what matters most? The answer: outsourcing payroll to a specialized partner.
If you are considering this option, keep reading! This article explores the 6 key benefits of outsourcing payroll for your business.
Let’s dive in!
6 Benefits of Outsourcing Payroll
Outsourcing your payroll service to a third party may seem daunting at first, but when you look at the benefits to your business, it’s a no-brainer.
Let’s break down the main advantages of outsourcing payroll to a specialized company:
Save Time & Be More Efficient
Payroll processing can be a time-consuming task for in-house HR staff. According to a survey from the National Small Business Association, managing payroll and taxes are the most burdensome tasks for small businesses:
“1 in 3 small businesses report spending more than 40 hours each year on calculating payroll and filling federal taxes.”
— NSBA
By outsourcing payroll, you can free up your internal HR staff to focus on other strategic tasks, such as employee relations or coordinating training and development programs.
In essence, having an outside party handle your payroll enables you to focus on core business activities that drive growth and success. This translates directly into increased productivity, as you are using your time and energy more efficiently.
Save Money
Hiring a full-time salaried professional who specializes in payroll might be too expensive for your company. By outsourcing payroll, you can leverage the expertise of payroll specialists for a fraction of the cost.
Even better, you get access to robust payroll software without the costs of investing in technology and training.
Access to Expertise
Payroll service providers have a team of experienced professionals who can provide expert advice and guidance on all aspects of payroll processing. This can be a valuable resource if your business doesn’t have in-house expertise to handle payroll on its own.
Improve Accuracy
Payroll errors can be costly and time-consuming to fix. Research by EY showed that
The average cost of a payroll incident is $291, costing companies thousands of dollars per year.
Outsourcing payroll to an experienced provider helps your business ensure that payroll is being processed accurately and on time.
Ensure Compliance
Staying up to date on the latest tax laws and regulations can be a challenge for businesses of all sizes. Payroll service providers have the expertise and resources to ensure that their clients’ payroll is compliant with all applicable federal, state, and local laws. This can help your business avoid common tax mistakes that can lead to costly penalties and fines.
Improve Security
Payroll data is sensitive information that needs to be protected.
Payroll service providers have robust security measures in place to protect your data from unauthorized access. This can give your business peace of mind, knowing that employees’ personal information is kept safe and secure.
Simplify Payroll Processing with a Specialized Partner
Payroll processing can be quite complex, requiring time and expertise that you might not have available in-house. By outsourcing payroll-related tasks to a trusted partner, you can gain access to expert advice and ongoing support, allowing you to focus on running your business with confidence.
At QBS, we provide payroll administration services across the United States. We handle everything from paying your employees and calculating taxes to withholding deductions and ensuring your business stays compliant with all federal, state, and local regulations. Our secure online system provides a one-stop shop for accessing vital payroll data, anytime, anywhere – both for you and your employees.
Ready to simplify payroll processing? Contact us today and find out how we can help your business grow and be more efficient.
