Managing and processing payroll isn’t just a complex and time-consuming task, it’s a downright challenge. According to a study, 40% of small business owners rank bookkeeping and tax preparation as their least favorite parts of their job. It’s easy to see why more companies are outsourcing payroll to professional Human Capital Management (HCM) agencies, which use the latest software systems. If you’re still handling payroll in-house, here are five key benefits your HR departments and businesses will enjoy by switching to an outside provider:
- It Saves Time
Between interviews, onboarding, time-off requests, performance management and training, your HR department has enough on their plates without the additional burden of calculating and processing payroll hours and handling any issues that may arise. Using a payroll company eliminates the multiple hours dedicated to paying employees and allows your HR team members to focus on their other duties and responsibilities.
- It Virtually Eliminates Errors
Want to drive your employees crazy and raise doubts about your company’s competency? Make a payroll mistake. And guess what: if you’re manually entering time and exporting data to and from siloed platforms, errors are bound to happen. With a professional payroll company, you greatly reduce the risk of human error. At Accu Data, for example, we use cutting-edge payroll processing technology that’s automated, intuitive, configurable, and fully integrated.
- It Sends Alerts and Reminders
Payment deadlines. Contractor invoices. Payroll tax reports. Quarterly and annual income tax withholding reports. Staying on top of payroll and tax submissions can be overwhelming. Accu Data sends email reminders about paydays and payment deadlines, ensuring no important dates or payments are missed.
- It Protects Your Employees’ Information
Payroll data includes a lot of confidential information your employees are trusting you to protect, from Social Security Numbers to bank information to home addresses. Professional payroll companies take the privacy and security of their clients very seriously and the software they use meets the highest IT security standards. Accu Data, for example, uses SSL technology, which encrypts all confidential information, which prevents it from being intercepted over the Internet.
- It Keeps You Compliant
Are you on top of all the local, state and federal tax laws that apply to your business or industry? It’s a hard question to answer given how quickly and often rules and regulations can change. Fortunately, payroll providers constantly monitor new laws and requirements closely in order to help their clients stay compliant and avoid penalties.
Are you ready to outsource your payroll to a professional? Contact Accu Data today for a free consultation and to learn more about our other HCM capabilities, including Time & Attendance, Applicant Tracking, Benefits Administration, Learning Management Systems and ACA Compliance.