Is it time to outsource your payroll? These five signs will show you that the time has come to hire someone else to handle this job for your business.
If your company is spending a lot of time working your paychecks every two weeks,
it may be time to think about outsourcing your payroll needs. This can save you an extensive amount of time and headache, and also help eliminate problems for your company. But how can you tell, for sure, that it is time to do so? Here are some signs to look for.
Ready to Offer Benefits
When you are ready to offer certain types of benefits, like health benefits or 401(k) plans, it may be a good idea to outsource this service. Why? The details surrounding setting up these programs can get a little complex. Unless you have the time to study up on these, you might be better off hiring a professional to set up the program and monitor it for you.
You Need Legal Training
There are many legal issues that surround payments to employees. If you are not experienced and knowledgeable about these, then you might want to hire this service out. This includes concerns surrounding workers' compensation, business taxes, and the legalities of paying workers.
You Are Struggling to Find the Time
When do you do your payroll? Is it late at night, over your lunch hour, or some other widely inconvenient time? If the answer is yes, then it is probably time to hire someone else. It seems that you simply do not have the time to do it on your own. Remember, if you hire someone else to do it, then you will find time to do the things you love - run your business and focus on money-making endeavors.
You Spend More Time on Issues than Running Your Business
Do you spend more time working on payroll issues and mistakes than you do running your business? This is a key sign that it is time to hire someone else to do the job. Not only is this taking your expertise and insight away from your business, but it is also adding stress to your life. That stress makes you a grumpy employer, and it also lessens your productivity. These are all excellent reasons to consider hiring someone else.
You Simply Don't Want to Do It
Sometimes, the bottom line is that you would prefer to have someone else handle your payroll issues. This is not a problem. In fact, this is normal, and many business owners before you have felt the exact same way. There is no shame in this, and this is exactly what these services were created to do.
Outsourcing your payroll needs is not as expensive as you might think. In fact, when you look at how much time and stress you are saving yourself, as well as the cost of fixing mistakes, the benefits outweigh the cost of the outsourcing. So, look for a company with a solid reputation, and get ready to outsource your headache to professionals who are highly trained to handle it and handle it well. Otherwise, you are going to be facing this headache over and over again, and that stress is just not worthwhile.
