Common Payroll Services Misconceptions
5 Myths About Outsourcing Payroll Services
Does outsourcing payroll services make sense for your business? Before you answer, arm yourself with the facts. Overworked business leaders often talk themselves out of utilizing this critical function based on misinformation. Five common myths associated with an outsourced payroll service include:
- We Are Too Small To Afford It
This is possibly the most popular misconception surrounding accounting services. You are legally responsible for payroll tax compliance the moment you hire your first employee. Not only will you have to manage filing returns and distributing payments, you also must ensure that your process adheres to lawful requirements that can (and often do) change frequently. Many entrepreneurs quickly realize that, no matter what size their operations, they can’t afford not to have the peace of mind offered from outsourcing payroll services.
- Our Internal System Works “Just Fine”
Using internal resources to manage payroll directly translates into countless lost productivity hours. Worse yet, manually updating calculation systems and spreadsheets amplifies the opportunity for errors and/or payment delays. Partnering with a professional payroll organization eliminates manual error, expedites employee compensation, and frees your team to focus on other core operations.
- Generic Solutions Won’t Work For My Business
You should never settle for one-size-fits-all payroll strategies. A qualified provider will take the time needed to understand your specific requirements. A true partner will use this insight to create a customized strategy with seamless integration. Added bonus: your vendor should also offer personalized reports so you never lose control of (or access to) your data.
- We Don’t Have Time For A Lengthy Setup Process
Business leaders are often surprised to learn that setting up a new payroll system won’t cause a major upheaval in time and productivity. Your vendor will prep you in advance of required documentation so they can do all the heavy lifting behind the scenes before your system goes live. This advance planning helps insure as smooth a transition as possible.
- It’s Too Late To Switch Providers This Year
Wrong. You do not need to wait until January 1st to switch to a better-suited payroll company. You will always want to allow for transition time when moving from one system to another. However, an experienced provider will have the skills needed for a seamless shift over to their services.
The Payroll Company creates customized payroll solutions for companies of every size. Contact the team today to hear more about upgrading your current payroll process.