Payroll is one business process that must be 100% accurate every time. Your employees depend on receiving the correct amount, on time, for every pay period. Federal and state government agencies demand that you keep up with all current rules and regulations and report taxes precisely. Any payroll mistakes could not only damage employee morale, they could also open up your facility to costly, stressful, and time-consuming risks.
When you outsource payroll services to a trusted partner, you take the burden off your back office staff and ensure that every aspect of payroll is managed meticulously. Here are three important reasons you should outsource payroll.
- Save Time and Money
Processing payroll is a painstaking task. When you do it in-house, your staff is responsible for computing and double-checking large volumes of sensitive data – calculating salaries and benefits, distributing payments, and preparing payroll taxes for government agencies.
Add up the time it takes for your employees to manage payroll each pay period, and compare it to what it would cost to outsource the process. How much time would it make available to your staff? What critical business tasks could they dedicate that time to? Outsourcing payroll lets your employees get back to the work they do best, saving your facility time and money.
- Get Expert Support
Don’t underestimate the value of payroll expertise. When you work with an experienced payroll provider, you gain access to their employees’ knowledge, skill, and insight. They understand the complexities of regulations, taxes, and best practices, and they leverage new technology to process payroll more efficiently.
In your facility, you might only have one or two people qualified to manage payroll, and you likely don’t have the resources to buy the latest tools. Payroll providers employ a team of experts, covering your payroll needs even if one person is out of the office or leaves the company. And since they specialize in these services, payroll companies invest in technology that delivers the best service for their clients.
- Meet Compliance Standards
Government tax regulations are complex and constantly changing. Your administrative employees are already juggling a demanding list of tasks and can’t be expected to become tax experts. Yet your facility will be legally and financially responsible for any errors – and no one is eager to deal with audits and fines.
When you outsource your payroll, you entrust this duty to professionals whose business it is to stay current with regulatory requirements and updates. They keep track of the intricacies of the Affordable Care Act, the Fair Labor Standards Act, and the Federal Unemployment Tax Act so your team doesn’t have to.
Learn more about MedHQ’s payroll solutions.
