No matter the size of your business, payroll is a primary function. Are you proficient in how you process your payroll? As you plan for the forthcoming New Year, reflect on a few of the detriments of in-house payroll processing and consider the alternatives that can have a positive impact on your bottom line.
Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.”
One thing, however, you do not need to do is make your organization liable for and subject to government-imposed penalties. Instead, consider the benefits of using an outside payroll company.
Payroll Processing Methods:
In-House Payroll – It’s More Than Writing a Check
If you handle payroll in-house or have a department in charge of the responsibility, you may want a glimpse of the nitty-gritty of the process:
- Check processing and distribution, direct deposits, direct debits
- Reports by department
- Payroll check reconciliation
- On-time federal, state, and local tax withholding/deposits
- Annual, quarterly and monthly payroll tax reporting
- Staying up-to-date on regulations
- W2 prep and distribution
- New hire reporting and terminations
- Garnishment and child support withholding and management
- Benefits withholding and management
- Benefit premium/payment vendor submissions
Non-compliance can leave companies open to harsh penalties and fines. Nonetheless, there is another approach to positively impact your business.
You now see the number of required payroll tasks, so use this opportunity to review alternative solutions and benefits as you plan for the New Year.
- Time: Time is money, and it takes a significant chunk of time to process payroll, keep up with constantly changing rules and regulations, onboarding employees, terminations and more. Hiring a payroll company can free up hours of time for you and your team.
- Lower overhead costs: Outsourcing allows you to cut or re-position staff into departments with greater needs.
- More Data Security: Nowadays, cyber threats are more prominent; if your corporation is not up-to-date on the latest malware that can wipe out your data, you will need to invest in top quality software and/or systems to give you more protection or avoid that expense and let someone else do it.
- Guaranteed government compliance: A crucial component in processing payroll is compliance with government policies to avoid penalties or fines.
- Access to value-added services: You may work with a company that offers additional services to help your business, including a portal for employees to view their payroll and benefits information.
- 24/7 customer service: Employers and staff alike can receive help around the clock.
- Payroll data backups: Knowing your data is secure takes an immense load off of your shoulders, especially when your backup is off-site.
To conclude, it’s a worthwhile venture to replace your current payroll system with experts. This option will free up precious time and allow you and your staff to work on more critical tasks, end costly penalties and fines, and eliminate paycheck errors that upset your staff.
About Lingo Staffing
Lingo is a full-service staffing firm dedicated to providing top quality services to its clients and its candidate pool. With extensive knowledge and experience in light industrial, administrative, and professional employment, Lingo encompasses the capabilities and resources necessary to help you get ahead.
Our experience and commitment to client satisfaction make us the perfect choice to manage all your staffing needs. Our staff guarantees exceptional customer service with a fitting response time.
Our experts are located at an office near you: Virginia, Pennsylvania, Ohio, Tennessee, and Georgia.
Lingo, the language of On Demand solutions. Contact us at an office convenient to you.