Why You Should Outsource Your Payroll
Business consultants have long advocated outsourcing non-core functions like payroll
(A non-core function is one that you don’t charge customers for). While a non-core function like payroll may be essential, it doesn’t strategically differentiate your business from your competitors.
The question small business owners and managers want answered is – What do you actually gain from outsourcing payroll? Is it worth the time and effort to investigate and identify trustworthy service providers? Then there’s the work involved to transition the function outside to the third party service. Ultimately, do the benefits of outsourcing outweigh that effort?
Outsourcing certainly has its benefits.
It frees up time and resources, giving you the ability to focus more on your core business. If you’re spending time dealing with tax, wage, and hour laws, you’ll have less time to focus on the things that generate a profit for your business.
It gives you access to more technology and expertise to perform payroll well. With so many complex laws and regulations, businesses have more at stake than payroll.
It reduces costs and risks. A good payroll provider offers capabilities that go beyond what you can do on your own.
If you haven’t considered outsourcing your payroll needs before, maybe now is the time to give it serious thought. The peace of mind and time you can put back into your business may be well worth the investment.