Managing your payroll in-house could be costing your business more than you realize. In the past, workforce tasks like payroll were typically handled in-house. However, payroll service providers have made it more economical to outsource. Hidden costs like lost productivity and surprise IRS penalties are costing businesses serious time and money. Successful companies are constantly evaluating whether to continue performing non-revenue generating tasks in-house or to outsource them.
Payroll management is an important component of any business, and one that businesses want to make sure is handled accurately and on time. However, a greater need for efficiencies, as well as the constantly-changing tax codes and labor laws, has led many companies to outsource payroll and human resource services. Here are the 5 biggest benefits of choosing secure payroll services.
Payroll takes time, a lot of time, in fact. Not only does payroll involve calculating hours, deductions, paid time off, and taxes, but also distributing checks, processing direct deposit payments, and generating reports. When you add up the time it takes to take care of payroll in-house, the average small business owner spends 235 hours on payroll every year.
All of that time is costing businesses money. You need a payroll partner that offers full-service payroll with the convenience of online self-service. When you have an expert taking care of payroll, you’ll find that your business can save time that can be spent on more important activities. Rather than spending hours on data entry, you can focus on other activities that increase revenue, efficiency, and optimize your workforce. We understand you want to reach your business goals at the lowest cost possible.
Guaranteed Government Compliance
When it comes to payroll, accuracy is essential. Otherwise, you could potentially get into trouble with the IRS. With a multitude of timesheets and pay scales, different benefits, and various voluntary withholdings, payroll can get tricky quickly. Payroll and tax regulations are often nuanced and complex. If you are a small business with limited payroll expertise in-house, this can feel like a big burden.
The good news is that payroll companies are experts in the most up-to-the-minute tax and labor laws, and they guarantee accuracy and compliance. When you partner with Safeguard Deluxe Payroll, you get a trusted name for payroll services. You can be confident that your workers get paid correctly and promptly, every time. Never worry about forgetting overtime pay or getting hours wrong. Should a mistake occur, they are the ones handling the liability and corrections—not you. Safeguard Deluxe Payroll even handles your initial setup for you, for free. They take care of uploading all your data, i.e., company, employee, and tax information, while you continue to run your business.
Improved Employee Retention
Payroll errors don’t only cost you money and trouble with the IRS; they can even cost you your employees. If an employee’s pay is incorrect, even just once, there is a chance that they would look for a new job. According to a recent study by Sage UK, 33% of workers would look for a new job if their pay was incorrect.
Employee retention isn’t the only staffing issue that can be affected by payroll problems; employee recruitment is affected as well. In the same Sage study, a whopping 77-percent of employees said they would tell other people if they had been paid incorrectly, and 90-percent of employees would be less inclined to work for a company with a history of payroll errors. Make sure employees are paid correctly and on time with an outsourced payroll service. You’ll feel more secure and enjoy a happier and more motivated workforce.
Worry-Free Data Security
There is a lot of sensitive data being handled as part of a company’s payroll. Company, employee, and tax information is all stored on paper records and company servers. All of this data makes in-house payroll one of your business’ biggest security vulnerabilities, open to both employees and outside forces. Time theft, identity theft, embezzlement, and server hacking are all potential security threats.
Luckily, data security is a standard benefit of secure payroll services. Enjoy a combination of highly-secure servers, cutting-edge encryption technology, and redundant data backups to create a digital fortress for your data. If you ever have any concerns, you can always contact your Deluxe Payroll specialist who will be your single point of contact. This specialist will be able to offer you personalized one-on-one support, as well as provide help and advice.
More Than Just Payroll Support
The right payroll company can save you serious time and money, but we also know that payroll is just one of the many tasks that put your productivity and your bottom line at risk. You need a payroll service that does more than just payroll support. You need a service with value-added services like employee handbooks and screenings, retirement services, on-demand HR support, and workers’ compensation payment programs.
Safeguard Deluxe Payroll offers comprehensive, full-service payroll solutions with dedicated customer service. We also know that every business is different, which is why we offer a number of payroll service packages to fit the needs of any type of business. Having one partner who can manage your payroll, as well as other HR tasks, will make your business easier to manage.
Payroll processing must be strategically managed to ensure successful business operations. With Safeguard Deluxe Payroll, you can relax knowing that your workforce tasks are done accurately, correctly and on-time. Between personalized service, no contract, and fixed pricing, it’s easy to see why our client retention rate is 93%. See for yourself how using Safeguard Deluxe Payroll can be a highly beneficial business decision, and a payroll solution you want to keep.