5 Benefits of a Fully Managed Payroll Service
Companies, big or small, want to be more cost-efficient, and they often do this by streamlining several business functions. When they do this, one of the things that decision-makers need to determine is whether they need to do those tasks in-house or to outsource those functions.
For instance, HR functions used to be mostly handled in-house, but today, many companies seek payroll services from managed accounting service providers.
If this is something you're considering and you haven't decided yet, here are some of the benefits of a managed payroll service that you need to know about:
1. It Eliminates the Hassles of Tedious Work
This is perhaps one of the biggest perks that you can get from a managed payroll service. You don't have to spend a lot of time calculating pay. You don't have to spend hours filling in forms either. Nor would you have to worry that you're not getting everything right in payroll. All you have to do is leave everything up to your managed payroll provider to ensure that your payroll is always in order.
2. You Avoid Mistakes
One of the biggest fears that a company may have in payroll is that of making a mistake. Having a managed payroll service takes that fear away. You can send all the payroll data you have to the provider and have someone double-check everything. Errors can happen, especially when you have a lot of employees and a lot of forms to fill out. This service takes away the risk of making a mistake.
3. You Can Ensure Compliance
Some companies are not aware that the payroll rules are constantly changing. You need to make sure that you are doing everything correctly. If you are not, you might end up facing fines or, worse, having to deal with several lawsuits. Having a managed payroll service ensures you are compliant with the law by providing you with the guidance you need.
4. You Get to Save Money
Having someone do payroll for you can actually help you save money. This is because you can just pay for your payroll service instead. Compared to hiring a full-time employee, this can help you save a lot of money and resources. You might not realise this now and think that it's basically the same expense but employing someone is more costly because you're not only paying their salary but also providing benefits, desks, computers, and other things that they'll need to do their job. A managed payroll service provider, on the other hand, will charge you only for the services that you get from them.
5. It Offers Flexibility
You control how you use your payroll services. If you want to do things differently for your company, you can do that. You can update your plan to match your requirements. This means that you can have your payroll service provider do what you need them to do. This is one of the biggest advantages of having a managed payroll service provider.
These are just five of the many benefits that you can get from a managed payroll service provider. If you plan to get managed payroll services, you are doing your business a big favour. The right choice can save you money, time, and effort and help you ensure that everything is in order. Of course, you need to find the right provider that you can trust to provide you with reliable services.
1 to 1 Accountants can provide you with fully managed payroll services, among many other accounting-related services. Contact us today, and we can discuss how we can help you!