When Should You Outsource Payroll?
You’ve just put in another long day on the job site. You’re exhausted from supervising your employees, answering phone calls, and responding to emails. All you want to do is go home and relax, but you can’t leave yet.
Why? Because there’s still a mountain of paperwork sitting on your desk.
Does this sound like you? If so, you have something in common with thousands of other business owners who routinely spend 8-10 hours per week on HR tasks.
How do you know if and when it’s time to outsource payroll? Here are four sure signs the time is right now.
1. You Constantly Feel Overwhelmed
A booming business is a great thing — so long as you can keep up with the pace. In reality, though, as your company grows it often becomes impossible to juggle all that paperwork on your own.
Do you constantly put in late nights at the office working on payroll, worker’s comp, and other administrative tasks? Are you always stressed, anxious, and burning the candle at both ends?
One of the major benefits of payroll outsourcing is that it lifts those burdens off your shoulders and frees you to focus on the core aspects of running your business.
2. You Can’t Afford In-House HR Staff
Rapid company expansion is terrific for your bottom line, but it can also turn into an administrative disaster.
When your business is small and you only have a few employees, it’s easy enough to write the paycheck yourself. But the more people you have on payroll, the harder it becomes to keep track of all those details.
Of course, just because you need some internal HR staff doesn’t mean you can afford it. One of the top reasons to payroll outsource is it provides the help you need without having to hire internal workers.
3. You’re Not Sure If Your Business Is Compliant
Do acronyms like OSHA, HIPAA, IRS, and FDA give you a headache? These regulatory agencies have an endless list of rules you need to follow — and failure to do so can spell disaster for your company.
Do you have the time to track the latest city, state, and federal laws that pertain to your industry? Even worse, have you already been hit with warnings or fines for non-compliance?
Payroll outsourcing benefits don’t end at writing paychecks. They’ll also ensure your business remains 100% compliant with all industry rules and regulations.
4. You’d Like to Offer Better Employee Benefits
Speaking of benefits, are you struggling to attract the best employees because you can’t afford to offer health insurance or a retirement plan?
It’s tough to compete with larger companies that offer better benefits packages. If you need one more answer to the question, “Why outsource payroll?”, here it is.
Most payroll service providers can also negotiate excellent rates for health and dental insurance, retirement options, and other benefits. In turn, you’ll be able to attract (and retain) the best employees.
Is It Time to Outsource Payroll?
So, what do you think? After reviewing the points above, could you and your business benefit from payroll outsourcing?
If so, don’t delay. Contact a reputable payroll service provider or PEO company in your area today!
Now that you know why and when to outsource payroll, what’s next? Our site has more great business advice for you, so stay right here and keep browsing!