The founding owner of the NFL’s Pittsburgh Steelers Art Rooney once said, “The biggest thrill wasn’t in winning on Sunday but in meeting the payroll on Monday.” If making payroll was a concern for the founder of one of the most successful franchises in sports, then it stands to reason that it’s a legitimate concern for all businesses. Whether your business is large or small, dealing with payroll and other human resources-related functions can be tedious and difficult. It can also be an unwelcome distraction that takes away from your business’s main goal: to serve customers. But, because payroll and various associated employee-centric functions are important, they still need to be addressed. That’s where multi-state payroll services come in. Payroll services can not only help your company with payroll, but they can also assist you with human resources services, employee benefits, and employee onboarding procedures. They turn what can be a headache into a breeze. Here are a few reasons why you should use our payroll services.
Handling payroll can be a monumental task. There is a large amount of data that needs to be included, handled and processed. Should you choose to handle payroll in-house, your human resources professionals will be required to spend hours or days entering data, making calculations, reading up on specific laws, and double-checking their calculations. This is probably not the reason they got into the HR field, and probably not the reason you hired them. Outsourcing payroll allows them to spend their time on more important and rewarding issues, saving them and you some trouble.
In addition to saving your employees’ time, hiring a payroll service can also reduce your business’s costs. Were your business to handle payroll itself, you would either have to hire employees specifically to handle payroll or pay your human resources employees to do it. Neither scenario is optimal; the human resources employees for the reasons stated above, and the hiring of employees specifically hired to handle payroll would be less than ideal because of the costs associated with that. Hiring staff specifically for payroll purposes means paying them a salary, benefits, and not being able to scale their pay with the amount of work that they are performing. Hiring a payroll service also prevents you from having to buy all the necessary materials associated with that process such as payroll software, equipment, training materials, and office supplies to create, process, sign, and print the checks.
Because it’s their lone function, payroll and multi-state payroll firms are known for their attention to detail. In order to be competitive in the market, their calculations must be accurate and exact. This becomes more valuable when you factor in the specialized knowledge of tax codes that most employees of payroll services possess. It’s also worth noting that their experience in handling different pay scales, timesheets, benefits, coverage, and voluntary withholdings affords them a distinct advantage over hiring in-house staff to handle your payroll.
Mitigates Compliance Risks
While accuracy is important to the morale of your employees, (they want to be paid promptly, fully and correctly every time), it’s also important to the business’s health and existence as a whole. According to the IRS, 40% of small businesses pay an average penalty of $845 each year for late or incorrect filings and payments. Precision is key to staying on the right side of the law and minding complicated state and federal legal obligations. Payroll service employees are well-versed on the ins and outs of business tax laws. Using a payroll service would also help to secure your sensitive payroll data, preventing instances of theft or fraud.
Last but definitely not least, is how convenient it is when you let a payroll service handle your payroll. All that’s required is to send the requisite information along, which typically includes the hours, any deductions, and the respective salary amounts of your employees. The company then processes the corresponding checks. Many modern payroll and multi-state payroll services offer remote connectivity, allowing you to simply log onto a website and update any employee payroll information that may have recently changed. It doesn’t get much easier than that.
It is the employees that make up the lifeblood of every business. A chief factor in keeping them happy and engaged is how much, as well as how often and how accurately, they are paid. Therefore, while payroll might seem like something that can be put on the backburner, it is an absolutely essential step in regard to keeping your employees satisfied and your business running smoothly. With that being the case, it would only make sense to put that integral process in the hands of professionals. There is a litany of benefits to using a payroll service including saving time, reducing costs, ensuring accuracy, reducing compliance risks, and convenience. When it comes to handling multi-state payroll or even just normal payroll, it would be wise to outsource it to a specialized service. Your employees, your customers, your business, and your blood pressure will be glad that you did.