Highlights
- Administrative tasks take valuable time from your small business and distract you from focusing on growth initiatives.
- Outsourcing payroll can be a game changer, helping you save time, reduce costs, and improve accuracy and compliance.
- At CertiPay, we offer payroll solutions for businesses across a variety of industries, from hospitality to banking. Contact us to learn how we can boost your business’ efficiency.
Does it feel like you never have enough time in the day to focus on what really matters – growing your business? About 45% of small business owners spend at least one day a week or more on administrative HR issues. But what if you could hand over your most time-consuming tasks to a specialized third party? Say hello to the benefits of outsourcing payroll!
Outsourcing payroll frees you from the administrative hassle of taxes, compliance, and everything in between, allowing you to dedicate your time and energy to revenue-generating activities.
Not sure if this is the right fit for your company? Read on to discover all the benefits of outsourcing payroll.
Let’s get started!
5 Benefits of Outsourcing Payroll for Small Businesses
For small businesses, delegating work through a specialized partner can be a game-changer. Let’s uncover the top 5 benefits of outsourcing payroll:
Save Time
Administrative tasks, such as calculating taxes and distributing payroll, often take a lot of precious time out of your day. Outsourcing payroll frees you from this paperwork and allows you to focus on strategic initiatives and growth activities – the keys to unlocking higher profits.
Reduce Costs
Handling payroll internally can be surprisingly expensive. You need to invest in payroll software, train your staff in its use, and cover the salary and benefits of a dedicated employee for payroll processing.
Contrary to what some might think, outsourcing your payroll function to an external provider can be cheaper than managing payroll in-house. Payroll providers can lower your overall costs by eliminating the need for specialized software and giving you access to experienced, highly trained professionals.
Improve Accuracy and Compliance
The IRS estimates that 40% of small businesses pay roughly $845 per year in penalties for late or incorrect filings and payments when it comes to payroll. Research has also shown that as soon as an employee sees an issue with their pay stub, they’ll start looking for a new job.
Outsourcing payroll minimizes these risks by leveraging expert processors who stay up to date on regulations and ensure your employees are paid correctly and on time.
Increase Security
Payroll involves handling very sensitive employee data. As a small business, it might be hard to have the resources to implement robust cybersecurity measures. Outsourcing payroll can help you improve data security.
Payroll providers typically invest heavily in advanced security protocols to safeguard sensitive employee information, including financial data and Social Security numbers. This reduces the risk of breaches and keeps your employees’ data safe.
Boost Employee Satisfaction
Waiting for paychecks or dealing with errors can be a very frustrating experience for employees. A recent survey by the American Payroll Association (APA) revealed that nearly 50% of employees would find it “very difficult” to meet their current financial obligations if their payroll was delayed for a week.
Outsourcing payroll can improve employee satisfaction by ensuring timely, accurate payments, and reducing employee stress. Besides, payroll providers often offer self-service portals for employees, providing them with a simple way to access paystubs and tax documents electronically, further boosting convenience and satisfaction.
Discover CertiPay’s Payroll Solutions
Outsourcing payroll tasks to a specialized partner can boost efficiency and enable your internal team to spend more time on the core aspects of your small business.
At CertiPay, we offer a real-time payroll solution with top-notch customer care. Along with saving your business time, money, and reducing risk, we also help with HR integration and optimizing your business.
Our payroll solutions give you access to intuitive technology, which can be seamlessly integrated with your existing HR management system, as well as your benefits administration and time and attendance solutions. Furthermore, our team of payroll and compliance specialists can work closely with you to keep your business aligned with all state, federal, and local regulations.
Ready to learn more on how our CertiPay payroll solution could help fuel your business? Reach out to our team here!
