Executive Chronicles | Top 4 Benefits of Hiring Online Payroll Services | If you’re like most small business owners, you devote between 8-10 hours each week to administrative tasks. That’s one full workday sitting in the back office taking care of payroll, benefits, and other HR tasks.
Is it time to consider outsourcing those time-consuming and (let’s admit it) boring tasks to a professional payroll service? What do you stand to gain by hiring online payroll services?
Here are four compelling reasons to do exactly that.
1. Reduce Your Stress Levels
It’s the end of the workday and you’re exhausted, but you can’t go home yet. Why not? There’s a mountain of paperwork sitting on your desk.
This is all too common as businesses grow, especially if you’re trying to manage a large team or multiple locations. You may find yourself making simple mistakes, missing deadlines, or becoming more reactive than proactive. Perhaps you missed an important order or realized (months later) that a new hire incorrectly completed their tax forms.
If this sounds like you, it’s time to take the burden off your shoulders. A corporate payroll service will keep track of all those small details for you, freeing you to focus on other aspects of your business.
2. Offer Better Benefits
Employees expect to receive good benefits from their employer. No doubt you want to give them what they want.
However, 64% of small businesses struggle to attract and retain top talent for this very reason. It’s hard to compete with larger corporations that offer bigger, shinier benefits packages to their employees.
Did you know that payroll services often bundle employee benefits with their other offerings? This allows you to offer health and dental benefits, retirement plans, and other vital employee benefits.
3. Ensure Industry Compliance
Do you get a headache every time you hear acronyms like OSHA, HIPAA, or IRS? No matter what industry you work in, there are regulatory agencies that demand you operate your business a certain way.
As a busy business owner, it’s hard to keep track of the latest rules and regulations. Have each of your employees completed their required training or continuing education? Did everyone correctly update their W2s or 1099s?
Online payroll services will make sure every “t” is crossed and “i” is dotted. This will help you avoid compliance violations and possible fines or penalties. Similarly, if your team includes independent contractors or freelancers from overseas, you should consider having a contractor management and payroll solution provider, click here to learn more.
4. Save Time & Money
Perhaps the biggest benefit of payroll services is the time and money you’ll save. Think about those 8-10 hours you spend in the back office each week. Wouldn’t that time be better spent focusing on the core aspects of running and growing your business?
Payroll services take care of all those HR and administrative tasks so you don’t have to!
Is It Time for Online Payroll Services?
Payroll services for a small business aren’t just convenient. They allow you to save time and money while offering better benefits and remaining compliant with regulations.
So what are you waiting for? Look for online payroll services in your area and get out of the back office today!
Now that you know about full-service payroll, what’s next? Keep browsing our site for more great business and money advice.