Employee payroll is an extremely complicated process that includes everything from foreign employment compliance to vacation, overtime, and sick days calculations. Even a small mistake can turn into a large error if it is not caught soon enough. For these reasons, both large and small companies make the decision to outsource their payroll tasks. By contracting with a full service payroll processing system, companies can save many hours of tedious work that can cause expensive mistakes and errors. Whether you are looking for someone to track and document your foreign employment compliances or you are looking for a company to help you with federal tax payroll deductions, finding a outsourced payroll processing firm can help you get back to the business of helping customers, training employees, and developing products.
Consider some of these facts and figures about the payroll industry and how contracted services help many businesses of all sizes make better use of their time:
- 85% of certified public accountants recommend that small businesses employ the expertise of professional payroll providers.
- Payroll deduction calculators provide needed assistance for a complicated task.
- Small business owners who are looking for a way to focus on their customers, products, and employees often make the decision to outsource their payroll tasks.
- One major advantage to outsourcing payroll is that there is only one report to approve and one invoice to pay.
- Owners of both small and medium sized businesses look for payroll providers that offers employee-access tools like as an automated telephone system and a Web portal.
- A payroll provider can offer HR Management, Employment Standards Administration (ESA), and Occupational Safety and Health Administration (OSHA) compliance and government remittances, in addition to payroll services.
- As another advantage, a payroll processing company can also provide ongoing Human Relations (HR) support, guidance, and expertise when a company is faced with sensitive employment issues.
Although some companies have good luck working with online payroll deductions tables and using payroll calculators, an increasing number of companies decide to hire payroll professionals to deal with the task of paying employees and keeping track of deductions, vacations, and other necessary information.