For any company, accounting is a vital function the business cannot function without. Accounting ensures that all financial transactions are accurately recorded clearly and understandably. As such, accounting services packages generally consist of services to ensure all financial reporting and bookkeeping needs are met. However, the most effective packages outsource payroll–let’s explore the reasons why.
- Outsourcing Saves Valuable Time
When companies outsource payroll, it relieves staff of a significant administrative burden. Payroll is often repetitive and redundant while also requiring complete accuracy. When accounting services packages include payroll, companies have more time to focus on what they do best–allowing them to prioritize strategic initiatives to support company growth and development.
- Companies Can Ensure Payroll Accuracy
Accurate payroll accounting is important for a variety of reasons. When all records are accurate, employees can rest assured knowing that their paychecks will be paid on time and correctly. However, since payroll is also labor-intensive, an HR team that is stretched too thin or lacking the right expertise can introduce human errors that can negatively impact payroll processes. By outsourcing payroll as part of accounting services packages, companies can mitigate the risk of inaccurate payroll data and processing.
- Secure Employee Personal Data
Managing payroll entails managing sensitive data such as bank account numbers, contact information, and social security numbers. When companies choose to outsource payroll, it can also be an investment in data security. When choosing a reputable payroll service provider, the third party should leverage the latest best practices when it comes to safeguarding this kind of information. In addition, they can advise what payroll platforms might offer the best data security for specific organizations.
- Ensure Compliance With Regulations
Laws affecting employers are constantly evolving, which can make it difficult for companies to keep up. Outsourcing payroll is an effective way to ensure that companies can maintain compliance with the latest laws and regulations governing payroll, especially when outsourcing to a knowledgeable partner.
- Control HR Costs
When companies choose to outsource payroll, it is an effective way to control related costs. While it can seem like another expense, outsourcing payroll to an experienced payroll provider can help eliminate fines and other penalties that payroll mistakes can incur.
- Improve Employee Payroll Experience
Outsourcing payroll has the potential to improve employee experience and satisfaction. With an experienced payroll provider managing payroll processes, employees will have higher levels of satisfaction when there are fewer errors and mistakes that could affect their paychecks. At the same time, taking the burden of payroll away from HR staff provides them with more time to solve employee issues and provide needed support.
- Leverage Superior Payroll Expertise
Another valuable aspect of outsourcing payroll is that companies can access experienced professionals who have a wealth of payroll knowledge and expertise. For some companies, hiring the right HR talent can be cost-prohibitive. Turning to a reputable payroll partner can help alleviate this challenge and ensure payroll needs are being addressed correctly.
For companies looking for accounting services packages, ensuring outsourced payroll support is included is a valuable decision. From controlling costs, offering better employee experience, maintaining better compliance, and more, outsourced payroll services offer many benefits that companies are smart to leverage.
Trusted by companies around the world, Corban OneSource provides expert payroll services to companies with 75 to 6,000 employees. Our team understands the intricacies of wage and hour laws in every lower 48 US state and all Canadian Provinces, ensuring that your company maintains the highest level of payroll compliance. To learn more about our expert payroll services, contact our experienced, US-based team today
