Your staff is the most important asset for your company’s success…which make payroll your company’s most important administrative task. Your employees need to be confident their wages will be paid on a regular basis. That seems like a simple enough ask, but as any HR manager will tell you, nothing about payroll is simple…especially if you’re a small business trying to handle it all in-house.
It’s a natural thought for a small to mid-sized business owner to have: Why bring in outside help for a task if you can handle it in-house? When it comes to payroll outsourcing, however, you might want to think again.
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On August 8, 2020, the President of the United States issued an executive order to provide a payroll tax holiday for American workers. This treasury guidance permits employers to defer the 6.2% tax employees pay toward Social Security from September 1 through December 31, 2020. Chances are, your employees have approached your HR and payroll departments with questions about what this guidance means for them personally. You may find yourself with a few questions of your own.
On August 12, 2020, the Small Business Association (SBA) opened the forgiveness portal for its Paycheck Protection Program loans, allowing PPP loan recipients to apply to have their debt forgiven. But many banks, along with other lenders who issued these loans, are telling their borrowers to hold off on their applications for now.
In the modern workplace, the expectations placed on Human Resource teams to handle all of the demands of people management can be stressful. Gone are the days of simply gathering and storing employee information. HR now encompasses a vast array of functions, and if your company is not using the right tools, or is using multiple systems, efficiency can suffer and errors can multiply.
Labor is often the single largest cost of any business, which is why accurate time tracking is crucial. But accuracy can be compromised when HR departments use manual workforce management procedures, which can lead to errors, resulting in higher costs, lower productivity, increased liabilities and ultimately reduced profits.
Thinking of finally using an outside payroll provider? Or do you have one already but are in the market for a new one? Either way, it’ll take some research to find a new service that matches the unique needs of your business. It’s a given that cost and security will be a major part of the decision-making process, but there are other considerations you should weigh before making the move. Here are six must-have features your new payroll provider should provide:
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:
Are you currently struggling with a payroll system that’s siloed from your HR database? If so, you’re not alone. Many organizations find themselves using different kinds of software (or even vendors) that do not play nice together. The result is more time spent scheduling, tracking and reporting time manually, resulting in higher labor costs and a higher probability of error.
Payroll management is a major business function of companies large and small…and usually a major headache for HR teams, especially for those who process it manually. Read More