Posted by Zoe Geoffrion , on Jul, 2018
Non-core functions of a business should, on average, be outsourced to a third-party company. Payroll outsourcing services in particular almost always get outsourced to third-parties, but why is this? This is the service in charge of, among other things, making sure your employees get paid. Why should you trust them with your employees’ personal information and risk a security breach when you could easily do it yourself? There are plenty of reasons, the biggest of which can be found below.
Expertise and Tech
The reason people outsource in general is access to better technology and personnel instead of having to pay for each piece of equipment and employee. Outsourcing, however, guarantees both of these things, all for one price. Even if you’re a small startup business, you will have to keep track of a few local, state and even federal taxing jurisdictions, and it’s easy to get overwhelmed from the complexity of it all. Payroll outsourcing services ensure such complexity is handled by a team of specialists that has done this same service for much bigger companies and more complex situations.
Reduced Risk
Much of the conversation about the modern American workforce is being underpaid for work. However, on average, many employees are being unfairly overpaid by about four percent compared to their coworkers, simply due to differences between the time of the employee and an accurate time record. Payroll outsourcing services come with the tech and accuracy needed to ensure everyone gets appropriate pay for their work, which can actually save a lot of money for the company.
Return Focus to Your Core Business
Regularly paying an employee for payroll services takes away money that’s better spent on the core functions of the company, especially since you also have to pay for everything that employee would need. Outsourcing these services to a third-party lets you divert those resources to things that can actually build your brand.
if you want to know more about payroll outsourcing services, visit the website of Innovative Employee Solutions to learn more.
