When we ask our clients why they chose to outsource their payroll services to Syndeo, we get a variety answers. Yet, they always address a specific management or business owner need: save money, save time, etc. So, we’ve compiled the top responses in this blog. Some benefits may be obvious, while others may not be top-of-mind, but are valuable nonetheless. Regardless, we hope sharing these will be helpful should you choose to be considering payroll outsourcing as a viable business strategy:
- Save time for the “big stuff.” When payroll is outsourced, you can devote more time to that big sales prospect, or ironing out an operational snafu. And what manager or business owner doesn’t want more time?
- Save money (right off the bottom line!). One industry study indicates that small businesses (roughly 10 employees) spend over $2,500 every year in direct labor costs associated with just payroll duties.
- Starve the IRS. Keeping up with the latest version of your payroll software, or ensuring you have the latest tax tables, can be a full-time job all to itself. And, when your company makes an incorrect filing, or payment, you’re likely to incur penalties. Payroll outsourcing can keep you from being one of the unfortunate 40 percent of small businesses who pay over $800 each year for late or incorrect filings. Ouch!
- Don’t get blindsided. Regulations, withholding rates, and a slew of other constantly changing government requirements almost beg for a professional to oversee your payroll – one whose job is to be a Subject Matter Expert on such matters.
These are the top reasons our clients tell us why they’ve partnered with Syndeo for payroll outsourcing. Others apply the same benefits to their rationale for also outsourcing staffing, HR or worker’s compensation. If anything in this blog resonates with you, give us a call, or drop us an email.