The stress and anxiety that comes with business is substantial as it is. One thing in business people absolutely cannot stand are issues with payroll. Employees want to get paid promptly sans fuss. Though many companies handle payroll and human resources (HR) themselves, others — particularly small businesses — opt to outsource their payroll needs. Outsourced payroll service solutions are there to assist businesses with the difficult, complicated field of human resources. One slip up in payroll can cost more than just time. Outsourced payroll services are of much-needed assistance to a variety of companies.
Did you know that over 85% of certified public accountants recommend all small businesses use a third-party payroll company to handle their HR needs? The reasoning is simple: small businesses (which normally means 50 employees or less) often do not have the resources and experience needed to successfully handle payroll on their own. Mistakes in payroll and accounting can be costly to the business itself — and not just the employees! By outsourcing payroll and HR to a dedicated company devoted to those fields, small businesses can spend more energy and resources on their projects and goals.
One consideration to keep in mind regarding payroll service solutions is that for companies which employ Canadian employees or are based (or partially based) in Canada, payroll can be even more difficult and complex. Generally, Canadian payroll policies are considered more stringent and thorough than the payroll regulations in the U.S. Canada has 190 legislative mandates along dealing with payroll processing. Businesses in Canada are often unprepared or overwhelmed when complying with these requirements, and businesses that function both the U.S. and Canada often have a harder time following these rules. This is precisely why hiring outsourced payroll companies is such an easy and convenient move for many small businesses. Companies that face these problems stand to benefit from outsourcing their HR and payroll needs. That way, they’re less likely to make an error and, therefore, can avoid hefty fees and incursions from both the U.S. and Canadian governments. The Internal Revenue Service is bad enough. Do you really want to deal with the Canada Revenue Agency, too?
Businesses have enough on their plates to have to worry about paying their employees on time. For this and so much more, offsite payroll service solutions are a valuable asset for any business.
What do you think about outsourced payroll services? Do you or anyone you know have any experiences with it? Feel free to leave a comment at the bottom.