Whether it's managing customer relationships or improving the sales forecast, there is always an endless list of tasks demanding the attention of a business owner. For many business owners, one such task is managing payroll.
In an effort to cut down on costs, some business owners try to tackle this administrative task on their own. However, those with little payroll experience, or little time available to them, can find payroll management extremely challenging.
That's where a human resources outsourcing (HRO) partner comes in. Let's take a look at three ways an HRO can simplify your payroll process.
1. Efficient Payroll Management
Your employees rely on you for timely and accurate paycheck processing. If you or a member of your team cannot process payroll quickly, it may be time to outsource.
The payroll professionals within an HRO can process direct deposits and payroll checks with efficiency. As a result, employers can rest easy knowing that their staff will be paid accurately and on time.
2. Navigate Compliance
Understanding ever-changing payroll and tax compliance details can be extremely overwhelming, as are the potential fines for those that fail to adhere to the rules, even accidentally.
Through payroll administration services, an HRO can help your business navigate the latest rules and regulations. They can also help you manage some of payroll’s more complicated tasks, including tax payments, such as federal withholdings and state and federal unemployment, and tax forms such as 940s and W-2s.
3. Remove Time-Consuming Tasks Payroll administration and reporting are tedious and time-consuming tasks that pull you and your staff away from other key functions. The time that you save by not doing payroll can be spent on tasks that further grow your business.
If you are a business owner or manager considering payroll outsourcing, get in touch with SynchronyHR. Our payroll professionals can show you how your business can benefit from outsourcing payroll.