Too frequently, a business will lose significant time and money each time they’re processing payroll. Sometimes the payroll process will sideline employees for days, if not a week. A business will also lose time and money when their payroll employees complete year-end and tax reporting. To save money and time every pay period, a business should invest in payroll services and a payroll system for its employees. MP’s HR and payroll team outline the five reasons investing in payroll services and a payroll system will result in significant ROI for any company.
1. The payroll process will take substantially less time when a business chooses automated outsourcing.
A company that chooses outsourcing payroll will find that its payroll process is drastically shortened. HR and payroll software will save payroll data and also automatically update it whenever a company makes HR changes, such as hiring or letting staff go. Sometimes outsourcing payroll can reduce the payroll process from a multi-day process to just 20 minutes to process payroll for all staff in a company.
2. Using payroll services will save time by streamlining tax preparations.
When a business invests in payroll services, they can reduce the weeks of tax and year-end reporting duties for employees into a process that takes days our hours. The payroll system software will save payroll data from throughout the year. Payroll services also frequently include simple report functions that allow the HR employees of a business to easily process reports they may require for their tax or year-end reporting activities, such as ACA reporting.
3. Using a payroll company saves money in back taxes, fines, and penalties.
A business that uses payroll outsourcing will save significant money in tax penalties and back taxes. Outsourcing payroll with an HR and payroll company like MP ensures access to payroll and tax experts. An employer can rest assured they’ve paid every employee and state entity accurately and in compliance. With expert advice from HR and payroll experts, a company will never have to pay an unexpected tax bill or penalty again.
4. The payroll process will take significantly less time when a business chooses automated outsourcing.
A company that chooses outsourcing payroll will find that its payroll process is drastically shortened. HR and payroll software will save payroll data and also automatically update it whenever a company makes HR changes, such as hiring or letting staff go. Sometimes outsourcing payroll can reduce the payroll process from a multi-day affair to taking just 20 minutes to pay all the staff in a company.
5. The payroll process will be more accurate and faster when employees can access and share changes to one platform.
Employers will save significant time when outsourcing payroll because they will eliminate errors and the time it takes to fix them and accurately pay employees or a tax bill. With automated software for outsourcing payroll, employees can add their own changes to pay, including new direct deposit, direct deposit updates, etc. If employers hire new staff or if they lose staff, these changes will be automatically added to the payroll system. These updates keep the payroll process completely accurate– with little effort from HR or payroll employees).
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