Let’s admit it – on any given day, there are probably things you would rather be doing than handling your employee’s payroll. Many companies outsource some of their HR duties such as payroll for a number of reasons, like improving efficiency and avoiding potentially costly errors. Why don’t you let Next Level Group take care of the less exciting parts of your job, so that you can get back to doing what you do best – managing an awesome team of employees!
Here are the top four benefits of outsourcing your payroll services to an agency like NLG.
1. They are Experts
Outsourcing your payroll means you are handing over the reigns to an expert, who handles payroll day in and day out. When processing your staff’s payroll is someone’s sole function, you can almost guarantee that their work will be precise, accurate and mistake-free.
Payroll experts are also going to have an ear to the ground about ever-changing compliance issues and regulations surrounding payrolling that you may not have time to look into yourself. The potential repercussions, financial or otherwise, can be quite detrimental when simple compliance or filing errors are made by ineffective payroll departments.
2. Some Tasks Need YOUR Attention – Payroll Does Not
Deloitte found that 57% of businesses used outsourcing to focus on their core business functions. As a manager, you often have a lot on your plate at once, and there are certain tasks that only you can do, such as providing onboarding and training, engaging with your team, and managing your day-to-day. These are the kinds of tasks that can’t be outsourced or performed by a stranger. However, there are other tasks – such as payroll – that don’t necessitate being handled by an internal individual. Outsourcing the somewhat mundane task of payroll allows you to focus on the big picture!
3. Outsourcing Payroll Can Be a Huge Cost Saver
Unless you are a large corporation, having a dedicated payrolling department can end up becoming a huge cost variable for many businesses. Of course, the individual affordability of outsourcing will differ among companies, but it typically results in cost-reduction: according to PwC, companies that outsource payrolling save, on average, 18% more than companies that handle it in-house. Outsourcing HR services such as payroll can help you to reallocate funds in better, more efficient ways – and who doesn’t want to save a few dollars here and there?
4. Outsourcing Payroll Can Relieve Stress
At the end of the day, making sure your hard-working employees are paid on time and without any issues is one of the most important factors in making them feel engaged, motivated, and respected. In addition, many people rely heavily on a standardized pay schedule, especially when working temporary positions – any disruption to this can cause a lot of problems and reflect poorly on you as an employer.
When you know that your team’s finances are in the hands of an expert, at least one source of stress is relieved from your day-to-day. We would be happy to give you one less thing to worry about!
Interested in learning more about NLG’s payrolling services? Click here to find out more or reach out to us today!