Reasons Why Payroll Outsourcing Should Be Your Top Choice
Each and every single business is unique in its own way; no two businesses are the same. With that being said, we understand that every business has its own style of running itself. For companies, one of the most demanding tasks is central to payroll. Accordingly, every business has a choice in what way it handles this task.
Some businesses still use the way of in-house payroll jobs. However, most businesses today, especially the highly progressive businesses on top, are choosing to outsource, and for good reason. In-house payroll systems seem to be growing outdated. Keep reading this article in order to find out why.
Here are some of the most important reasons leading businesses opt to outsource and why it is highly recommended, by not only us but also experts in the industry, for you to outsource your payroll as well.
Avoid extra costs and save money with automated processes
A great feature most payroll software options have is automation. Most tricky tasks are simply automated, including filing and reporting. With these tasks out of the way and accounted for, you can save a lot of money in the long run. With a whole load of tasks off of your plate, your business will have much more time to invest in more important and more demanding tasks. This is the first step towards moving your company forward instead of just settling.
Save time with outsourced payroll
Not only does the process of outsourcing your payroll save you money, but it also saves you time which is just as valuable as money. With no need for calculations to be done manually in a time-consuming fashion, you can sit back and let the software automate all your processes for you. Once the problem of time loss is solved, running your business in a more orderly fashion will be easier and smoother.
There are numerous advantages to taking some of these burdens off of your business’ shoulders. For example, tax responsibilities are very time-consuming and complex. These responsibilities need to be taken care of regardless of how taxing they are. Businesses looking to grow need more time to work on themselves instead of going through legal conventions. This is why companies eventually are bound to outsource for these functions as it seems to be the best solution.
Eliminate guesses and get accurate results
With AI and Machine learning as an important part of most emerging payroll trends, accuracy in calculations and reports can now be near perfect. With much higher accuracy, you can avoid the troubles of incorrect data in your ranks. This ensures better results for your business.
Pay workers on time and exactly
If payments are not processed on time, it can have a negative impact on the worker’s morale. It can also generate the idea that the business does not have enough money. When outsourcing your payroll, you do not need to worry about these issues anymore.
Keep payroll data secure
Payroll data, once outsourced, is stored on the cloud and entirely secure. There is no need to worry about theft and other similar risks when you can rest assured your payroll info is secure and privately stored on the cloud.
Tax-Filing and legal processes can now be easily taken care of with the handy software system. Now you can be sure your business remains compliant with the law.
Easy to use and highly accessible
In addition to all of the many above perks, you can also find that it is so easy to navigate and simply very user-friendly. You can also find that it in turn makes things easier for you. Another advantage is that you can access everything you need from the comfort of wherever you are, and whenever you want, just by accessing an app on your phone.
Additional tasks, such as HR reporting or management administration, can effortlessly be added to the outsourcing functions. One of the best benefits of outsourcing however is definitely that business owners can specify how often they'd like to be contacted regarding payroll-related tasks.
We highly recommend taking all of the above into consideration. We also sincerely recommend going forward with digital payroll software since, as can be seen, it will not only make your life noticeably easier in the business world but will also increase your revenue. Everybody is guaranteed to be happy with the results as everybody wins.
To summarize, outsourcing is an important decision, and it is better not to rush into it without knowing the basics. Such an investment is bound to lead to success, but only when done correctly and with the right software. Below, you will find a summary of the reasons on why payroll outsourcing is effective and totally worthwhile in today’s market.
Here is a summary of why businesses look into getting a professional payroll provider:
- Cloud-based software
- A smart investment that saves time
- Automated payroll calculation to increase accuracy
- Payments are accurate and systematically on time
- Alerts and useful reminders as a bonus
- More work gets done overall
- No more manual work or spreadsheets
- Eco-friendly and does not waste paper
- Very secure and trustworthy
- Accessibility at any time and any place.
Businesses do not just succeed overnight. By passing your payroll processing onto a professional payroll administrator you can greatly improve your chances of becoming one of the best businesses around today. You might even find a vast array of choices in order to maximize the time saved during the pay period.
If you are still hesitant on whether or not you are interested in outsourcing your payroll after this, or you still feel it is all very unclear, keep scrolling to read the list we have collected below to see the best payroll recommendations. These are the best payroll software systems of 2022 and this list is designed to help you decide which one fits you and your business best. This list may even be the deal-breaker to assist you in deciding if you should outsource at all.
This section is here to provide you with some of the best payroll software systems that are available for you to choose from. These are only some of many and countless choices but with the features provided, you cannot go wrong with our recommendations. You can read these reviews we have written and decide which one suits you best. We hope you do see that payroll outsourcing should definitely be your top choice.
Paychex is the top suggestion. It offers businesses a great, inclusive system that can automate payroll procedures, tax calculations, and other functions. On top of all this, it also provides the following
- Time tracking software
- Employee Benefits Administration
- Reporting and Analytics
- Employee Screening
- Employee Onboarding
- Employee Handbook Builder
- Learning Management System
- Mobile Application
Paychex offers three subscription plans for its payroll software
- Paychex Flex Essentials - $39/month, + $5 per employee
- Paychex Flex Select – Quote-based
- Paychex Flex Pro – Quote-based
Each plan comes with a set of features, and you will need to contact Paychex’s team to get a price for the last two plans, which will be tailored to your business’s size and needs.
Intuit QuickBooks Payroll
QuickBooks comes in second place in our list of suggestions. It offers payroll software that builds onto its accounting software. QuickBooks can easily automate all of your payroll processes! Here are some of its features:
- Mobile payroll application
- Automated payroll runs
- Automated federal and state tax filing and payment
- Time tracking software
- Project management tools
- HR solutions
- Compliancy alerts and law updates
QuickBooks associates its accounting software with its payroll subscription plans, so you get the two at great prices:
- Core + QuickBooks Simple Start - $70/month + $4/month/employee
- Core + QuickBooks Essentials - $95/month + $4/month/employee
- Premium + QuickBooks Plus - $155/month + $8/month/employee
Our third software recommendation is Toast payroll! Toast is generally focused on providing food-related industries with their state-of-the-art point-of-sale system.
Toast affiliates its payroll software and management tools with its point-of-sale system. Its payroll software can automate your payroll runs, generate calculations, payments, and guarantee your business stays compliant with federal and state labor laws and restrictions.
As for the subscription, you get payroll software with the following point-of-sale plans:
- Essentials Plan - $165 per month
- New Restaurant Basics - $110 /month + $4 per employee/month
- Custom Plan - Quote-based
Last but definitely not least is Paycom. Paycom payroll software is a cloud-based system that is a great option to make HR management very much easier. Paycom caters to most businesses’ needs as it is also highly accessible and very user-friendly.
Features and benefits of Paycom Payroll:
- No setup fee
- Self Service App
- Single HCM platform for all HR tasks
- Payroll Management Features
- Human Resource Management Tools
- Time and Labor Management tools
Paycom is a quote-based service provider and that means that prices are provided upon contacting them. You can easily check their website and request a quote.