39% of US companies outsource their payroll, and 43% outsource payroll taxes. Here are five great reasons for you to consider taking your payroll online with a payroll services provider.
“Outsourcing” shouldn’t be a four-letter word (it’s actually eleven). The best catalyst for a business, big or small, is to fine-tune your focus. Time spent on any area outside of your core competencies is time that could be better spent refining, marketing, and selling your products and services.
The following tasks can be efficiently outsourced:
Many companies that outsource payroll services only contact their payroll provider once per pay period, though a quality provider will make themselves available to you whenever you need help.
A recent study by Upwork found that 63% of companies have remote workers. When payroll moves online, it makes it easier for both managers and their subordinates to access important information on the go, like pay stubs and tax information.
80% of embezzlements occur at businesses with fewer than 150 employees. One of the biggest causes of fraud is the lack of a system of checks and balances. This is where a professional payroll provider can step in and secure your bottom line.
Payroll security extends beyond literal dollars and cents. When you outsource your payroll, you place personal and financial data into the hands of impartial, vetted professionals, rather than giving someone in your office access to sensitive information that must be kept private.
Additionally, a top-flight payroll services company will use heightened security measures like private servers with regular backups and two-factor authentication to ensure that you and your business are protected 24/7.
Employees increasingly demand that their companies adopt socially and environmentally-sound practices. Combine online payroll with direct deposit and your business can immediately reduce its paper waste and carbon footprint. What’s good for the Earth is good for you and your employees.
Specialized experts are almost always better equipped to execute a task efficiently and accurately. When payroll is done faster, that saves you time (which we all know IS money). Managers can then generate new revenue with this “found time.”
When your payroll is more accurate, you save money by preventing overspending. And you can avoid costly penalties and late fees by outsourcing the filing responsibility for taxes and other government documents.
While many people fret over understanding “the cloud” we know that it’s more than something a head gets stuck in. Business is increasingly done online, and business processes are following suit.
Outsourcing your payroll to an online provider can increase accuracy, efficiency, and pay for itself in the time saved. All of this is done safely and securely by trusted professionals. Contact Future Systems today to find out how we can give you the gift of time by managing your payroll online.