Payroll is crucial to any business success, but as we’ve noted before, it’s particularly true when it comes to staffing. Payroll is literally the lifeblood of staffing. Whether you are a start-up or a growing company, looking to take your business to the next level, outsourcing payroll is something that you should consider.
Here are five top benefits with payroll outsourcing, any of which may help you focus on your business during the day and sleep well at night.
Why Should I Outsource My Payroll?
You’ve got a lot of balls in the air. Outsourcing payroll is a big relief in getting that added stress, one that you may not be particularly good at or inclined to do, off your shoulders. Outsourcing in its best and simplest form will free up your bandwidth and focus on your core strengths, which should hopefully be sales and recruiting.
Time, Time, Time.
No matter how many employees you may have, both internally and with your associates, processing payroll demands a lot of time and attention to detail.
As we know, pay period follows pay period, each time requiring the business owner or their payroll person to type in large amounts of data and double-check for any keying errors. After that data has been inputted, you need to know that the effort you put into entering the correct data will result in timely payroll, giving you additional time to focus on your clients’ needs.
With outsourcing payroll, you’ll be pleasantly surprised at the smooth process involved. Your associates will be very happy to have timely, accurate paychecks, and your customers will appreciate the professionalism and accurate information in their billing.
It is, of course, a generalization, but nevertheless, small business owners aren’t experts in the confusing spectrum of government tax regulations. At the same time, they’re legally responsible for any cases of misrepresentation or a failure to accurately report employment taxes to federal and state government agencies.
These mistakes can lead to audits and penalties — situations no small business wants or needs.
Government rules and regulations are always changing, and small staffing business owners may not have the time or resources to stay on top of these changes. Multiply that when you are operating – or hope to operate – in other states.
Professional payroll providers, such as Madison, stay current with payroll tax rules, regulations, and changes in tax rates so that you don’t have to.
It’s always good to have a trusted partner to turn to. At Madison, we can give you advice, based on our many years in the staffing industry. You’ll have experts by your side.
What Can Madison Resources Do For You?
At Madison, we offer two solutions. The first is 100% payroll funding – plus our suite of back-office services, payroll processing, billing, credit and collections, and payroll tax filing, are all wrapped up in an integrated solution.
The other solution is funding only. This is for staffing firms that already have their bacl-office operations in place (and are happy with their platforms). Our funding-only option offer access to the capital you need to improve your cash flow. Let us help you assess the best option for your business. Contact us today!