Payroll outsourcing is when you employ a third party to cover your payroll-related tasks, saving you time and money. You won’t need to download additional software or train your existing staff on tax regulations. As a small business, hiring a third party to manage your payroll is an invaluable asset. We’re covering some of the benefits of outsourced payroll services and how to choose your payroll provider.

Benefits of Payroll Outsourcing

Boosts Productivity

One of the main benefits of outsourcing payroll tasks is that it boosts your overall productivity. Payroll is a time-consuming task that eats into your daily ‘to do’ list.

When you outsource your payroll, you can concentrate on your business development instead of spending time working out timesheets and wages. For every employee, you’ll have to calculate how many hours they’ve worked while allowing for any other benefits. This process is time-consuming and can take a significant portion of your time if you try to do it in-house.

Reduces Business Costs

Small businesses often don’t have the luxury of a dedicated HR or payroll department. If you were to assign payroll tasks to an existing employee, you’ll likely end up using most of their working hours to cover these tasks.

Employees have to be properly trained on how to manage payroll, including applying tax rates and facilitating tax returns. When you outsource your payroll to a third party, you can enjoy a reliable service that ensures full confidentiality for all your employees.

Eliminates Payroll Mistakes

Carrying out payroll activities is more than just ticking boxes and inputting numbers. If you want a member of your staff to oversee your payroll, you’ll have to invest in training courses and ensure they stay up to date with changing regulations. Mistakes can happen when you do your payroll in-house, which can be costly for your business.

By outsourcing your payroll services, you can benefit from their expert knowledge and experience to maintain all your necessary paperwork. They’ll also be able to keep you up to date with any incoming tax changes that you may need to budget for.

Protects Personal Information

Payroll documents include sensitive information about your business and employees. If this information falls into the wrong hands, it could result in identity theft or even funds being taken directly from your company accounts.

Operating your payroll services in-house comes with its own risks, including the security of your server and how you can protect employee and company data. Outsourcing your payroll to a professional company means their software, which is tailored to providing extra security and altering you to potential fraud, will protect your data.

Professional payroll services operate with multiple servers and backup storage, so your data will always be protected and secure. These benefits of payroll outsourcing will give you extra peace of mind, so you can focus on running your business.

Ensures Compliance with Government Regulations

Tax is a major issue for any business, and it’s a fundamental part of your payroll services. Certain employees may qualify for tax deductions, while others may be awarded benefits, such as childcare allowances.

These regulations can be confusing to understand, and they are always evolving. Your payroll provider gives you confidence that your paperwork and services are all in line with regulations. As experts in their field, a payroll provider will be on top of all the information regarding tax regulations. They can also help you take advantage of government programs, such as the business protection schemes introduced to mitigate the impact of COVID-19.

Choosing a Payroll Provider

These benefits of payroll outsourcing can be a game-changer for your small business. If you find that you’re struggling to understand or stay on top of your payroll, it’s time to outsource to a professional payroll provider. When you’re choosing a payroll provider, it’s worth searching for one with experience of companies in your industry.

It’s a good idea to decide which of the benefits of outsourcing payroll you want to prioritize. This process can help you narrow down your search for a payroll provider to find one that matches the needs of your business. When you’re choosing your provider, make sure to discuss a timeframe for regular payroll reports so that you can have up-to-date information for your general finances.

As a payroll provider will be dealing with sensitive and confidential information, you want to find one with a stellar reputation. Some payroll providers will also provide additional human resources services, which will be a bonus for any small business or enterprise.

The benefits of outsourced payroll services include streamlining your daily tasks, allowing you to focus on your daily business operations. This investment will free up your time and give you extra peace of mind.

Every small business can benefit from outsourcing their payroll services to protect employee information, prevent expensive mistakes, and ensure your company is complying with government regulations. If you’re a small business, outsourcing your payroll can make it easier to scale up your business.

About Payroll Services Focused on You

The one-size-fits-all services offered by so many payroll providers aren’t designed with you in mind. As a small to midsize business, you have unique needs. You don’t want nameless, faceless support and generalized solutions.

As a small business owner, your employees can make or break your business. Creating a great place to work starts before the first day. Having a formalized employee onboarding process can help retain top talent for your business.

Get your free employee onboarding guide here.

Why is Onboarding Important for Small Businesses?

Employee turnover is expensive, especially for small businesses. Research shows that the average employer in the United States spends $4000 on a new employee and it can take up to 24 days to hire and onboard them.

Small businesses with a formalized onboarding process have a 60% year-on-year productivity improvement. With a proper employee onboarding system, you can set your business up for success.

Creating an Employee Onboarding Program

Step one. You need goals. When you have goals, it’s easier for you to determine what you want to get from your new hire onboarding.

Your new hire onboarding program is something you want to be considering before you start the hiring process. The onboarding process starts as soon as your new hire has received their job offer. Engaging them from an early stage will make the onboarding process more effective.

According to Gallup, only 12% of employees think their company offers a good onboarding program. With the high correlation between new hire onboarding and employee retention, this is something you can’t afford to overlook. Why do 88% of employees think their company fails at the new hire onboarding process? It might have something to do with the fact that 58% of companies only focus on paperwork and processes during their onboarding program.

If you want your employee onboarding program to be successful, you want it to be strategic, focusing on the people within your business. When you have your goals, you want to create a structure around which to build your new hire onboarding program.

There are three areas you want to focus on:

• Assimilation and Socialization
• Documents and Tasks
• Education and Training

Our free employee onboarding guide covers what each of these areas should entail.

Pro-tip! Incorporate a buddy system, this program has proven to improve proficiency as well as employee comfortability.

Setting Milestones in the Onboard Process

When you have your goals and program together, you need to set milestones. Without milestones, you won’t have a way of judging the success of your onboarding process. It can also help you identify areas you should improve for your next new hire.

You want to make sure you check in with your new employee at the end of their first day, with a first-week check-in meeting. Your milestones should revolve around a list of goals that you want your new hire to have achieved to determine their success in the role. You should establish a check-in template, where you can make notes of any concerns or feedback. These milestone check-ins are a two-way process between you and your employee.

Most businesses choose to set 30, 60, and 90-day goals. After each meeting, you adjust the later goals to reflect where your new hire is with their progress. After your 90-day check-in, your next milestones can come at the 6 months and 1-year stage.

Our free employee onboarding guide has a dedicated milestone section to help you structure your program with achievable goals.

Conclusion

Hiring a new employee is an exciting time for any business. You’re investing in another employee, hoping their skills and knowledge will help grow your business. You can make it a success by having a formalized new hire process that increases engagement and employee retention. If you want to take your business to the next level, your employee onboarding program is the secret to success.

Do you want to find out even more about new hire onboarding? You can download our free employee onboarding guide here.

About Payroll Services Focused on You

The one-size-fits-all services offered by so many payroll providers aren’t designed with you in mind. As a small to midsize business, you have unique needs. You don’t want nameless, faceless support and generalized solutions.

If that sounds helpful, we’d love to talk. You can get in touch at info@accupayco.com or at (407) 775-3203.