Why Small Businesses Benefit by Outsourcing to a Boutique Payroll Franchise
JUN 19, 2020
If there are any pains you want to experience in business – its growing pains.
Whether you’ve had an increase in customers, created new partnerships, or have stayed the right course and grown naturally, you’re going to find yourself needing to add staff and employees. Of all the things that occupy your mind, making sure that your staff is getting paid correctly, on time, and securely, should not be one of them.
Certainly, one option is to hire more assistance in-house for payroll processing, but this typically requires a large investment on the front end. And, of course, there’s always “big-box” style human resource companies, but they’re often focused on their larger clients and on Human Resources, only offering payroll as an afterthought service.
And so, we come to the obvious option that far too few small businesses know about — outsourcing your payroll to professionals who are local and are dedicated to your current size and growth.
Options in Outsourcing
As SmallBizTrends points out, while payroll doesn’t directly increase sales, it is a crucial function, and if handled incorrectly, can have harmful repercussions. Outsourcing this piece of operation gives the business access to expertise and technology and reduces risks and costs.
Outsourcing for better efficiency — and the peace of mind that everything is properly taken care of — is why the payroll processing industry will grow by more than $5 billion in the next four years.
Companies that handle payroll help determine the best payroll schedule for a given business (monthly, bi-weekly, or whichever schedule the business prefers), transfers pay into the employees’ accounts or print physical checks. Services usually also include preparing tax statements and making tax payments and tax filings such as W2s and 1099s.
Benefits of outsourcing payroll are significant and include lowering costs and the peace of mind that an expert is dealing with legal requirements (sometimes across states and localities) having experts take care of tricky withholding calculations, and knowing deadlines will be met. With these concerns off their plate, ownership can focus on growing the business.
Small business payroll processing companies help operators avoid complex penalties and interest, manage complicated compliance rules, and can often assist with human resource management and support, all while offering transparent pricing.
The Small-Business Solution
Most businesspeople are familiar with big payroll brands, such as ADP and Paychex, and may have even tried using these or other big companies. However, business owners, and/or their local accountants, often find their experience with these big-box payroll handlers to be impersonal and difficult.
The only boutique, consultative payroll service franchise model is Payroll Vault.
Unlike large, faceless payroll processing vendors with1-800 numbers, Payroll Vault gives personalized service with a local, community-involved presence. The company’s typical client has 10 to 50 employees on the payroll, but even businesses with fewer people than that can benefit from this kind of focused payroll service.
Payroll Vault also offers human resources services.
All in all, the advantages of outsourcing payroll processing are many, and doing so frees up entrepreneurs, especially small business owners, to focus on what they really do best: making money.
This post was originally posted on PayrollVault.com.