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Advantages of Outsourcing All Of The Payroll Function
Many companies already outsource their check printing and tax paying, yet keep the tasks that consume the greatest amount of their time in-house?
By: Beth Williams
One of the most time consuming functions of any company's human resources department is payroll. With more and more companies looking for ways to remain competitive in today's business environment, it is not surprising that outsourcing the entire payroll operations has become an increasingly popular option. A great number of companies are discovering that they do not actually need in-house payroll administration - and that outsourcing such functions actually saves time, cuts costs and allows a business to focus on far more important matters.
How Outsourcing Payroll Frees Up Time
Although payroll is the least strategic aspect of running a business - after all, it is simply the disbursement of pay to employees - it consumes a great deal of human resources personnel's valuable time. Considering all of the other important functions an HR department must take care of every day, it is easy to see why payroll can become such a drain. Because there are so many fine details involved in processing payroll, many companies end up having one or more dedicated people working on it at any given time, taking them away from many more valuable pursuits.
By outsourcing all of the payroll operations, a company can save a significant amount of money by reducing headcount or dramatically free up its employees' time; those employees can focus instead on other administrative matters and get a lot more done. Payroll outsourcing companies focus only on processing payroll, making them experts - and incredibly efficient. Can your business really match the expertise and reliability of a payroll services firm? A business never has to worry about late payroll, vacations, an employee getting sick or compliance issues when they use a full payroll services company. Meanwhile, their human resources personnel are busy getting more strategic matters handled.
How Outsourcing Payroll Saves Money
All of the man hours required to process payroll equals wasted money for many small to midsized businesses. After all, they are often paying full time employees to perform such work; that work can take up many hours of an employee's work week, equaling large sums of money spent by the employer. By outsourcing all of the payroll operations, a company stands to spend far less for the service. In today's world, increasing the bottom line and cutting costs is imperative; outsourcing payroll services is an excellent way to accomplish both objectives.
Outsourcing Payroll Shifts The Focus To More Important Matters
While human resources personnel or other employees are tied up processing payroll each week, a lot of far more important work is being pushed aside. Growing and expanding a business has to be its number one priority, yet many companies are bogged down by administrative tasks like payroll and are unable to focus their attention on more pertinent matters. For every employee stuck processing payroll each week, many lost opportunities for expanding a company's business are created.
Outsourcing payroll operations can have a very positive impact on the productivity and focus of a company's staff. Where before, many hours per week were whittled away processing payroll, outsourcing allows those same employees to focus on much more critical matters. The reality is, each and every employee must be focused on building and growing a business; outsourcing payroll can help midsized companies achieve this goal much more easily.
Outsourcing Payroll Operations Just Makes Sense
For many businesses, the reasons for outsourcing payroll operations far outweigh any benefits to keeping it in house. Norman LeClair, CEO of Corban OneSource / http://www.corbanone.com notes, "We see the top four reasons why our clients continue to outsource their full payroll administration to us year after year are to save money, dramatically increase reliability and confidentiality, our accuracy and to free up their time to focus on more important areas of their business."
There is little doubt that full payroll outsourcing will continue to be an option that is turned to by more and more companies. With so many compelling benefits - especially for midsized businesses - outsourcing all of the payroll administration simply makes sense.
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Senior HR Consultants Inc. is a group of HR Professionals that average more than 25 years of experience per Consultant. Our primary goal is to help mid-sized companies look at ways their HR Department can become more profitable.