Why a Payroll Service is a Great Option for Small Businesses
Small business owners do it all. They wear so many hats, and it can be overwhelming to jump from manager to HR to maintenance to marketing. One way a small business owner can remove one of their hats and eliminate some of the pressures they face is to outsource their payroll and HR needs to a payroll service provider. Payroll service providers can provide the tools and know-how to help get your HR department where it needs to be and prepare it for any future growth or challenges that may occur.
There are several ways an outsourced payroll partner can help improve your business’s situation:
Reduce Risk
When you outsource your payroll and HR needs, you reduce risk in several ways for your business. The first way is by reducing the risk for errors in your business’s compliance. Cloud technology allows payroll service providers to push continuous updates to your software and help you keep your compliance in check. With features like health care and overtime compliance monitoring, these systems are now more essential than ever, and providers are able to help clients manage their compliance through easy-to-use technology. Another way a business reduces risk with a provider is by eliminating information silos. Small businesses can often have a limited number of staff in charge of HR and payroll, which means if someone chooses to leave the company or is let go, they take all of the knowledge of how to manage the department with them and can leave other staff members and management scrambling when payday comes. Additionally, payroll providers offer the highest security technology available in order to protect all of your confidential employee and executive data. These services are backed by data-protection promises and help you reduce your risk for a data breach.
Improve Communication
Cloud-based payroll solutions with outsourced payroll providers offer more functionality and user-friendly interfaces than ever before. Employers can now engage their employees through self-service open enrollment and onboarding procedures that walk employees through each step and ensure all necessary information is completed on each form. Employees can view their timecard, make PTO requests and check other functions through these modules, allowing them to feel empowered and in charge of their own future with your company. By granting employees access to their personal information, it cuts down on the time and resources spent looking up information for an employee or processing paper enrollment each fall for next year’s benefits.
Simplify Processes
Small business owners who are currently performing all of their payroll and HR functions on their own often struggle with a separate system for payroll, time clock and benefits management. When you outsource to a provider who offers a cloud-based solution, you can simplify all of your processes into one single sign-on system that incorporates payroll, HR and benefits, and time in one system. Imagine the time that could be saved when data only has to be entered into one system which automatically updates all records in real time. Plus, with one system, there are fewer vendor relationships to manage saving you the headache of calling multiple places to solve an issue or make a change.
Access Resources
Sometimes a small business has unique needs when it comes to their human capital management and a cookie-cutter system cannot do the job effectively. A great payroll service provider will provide the support you need with real people to answer your toughest questions. Whether that be customizing a report or struggling to handle an HR situation, a partner to turn to in times of need is essential for small businesses.
Grow Your Potential
Each small business owner who desires growth often struggles to overcome the challenge of finding the time and resources to meet the demand that growth requires. When you outsource your HCM, you gain valuable time and resources to work on the other aspects necessary for growing your business. Let your provider take the daily tasks off your plate and manage your workforce with the technology they know and have mastered, while you get back to the industry you’re an expert in.
Removing just one hat for a small business owner an alleviate a lot of pressure, but removing perhaps one of the largest of HR manager would provide significant benefits to any small business. When you find the right payroll service provider, you reallocate valuable time and resources to running your business.
