Payroll outsourcing is becoming one of the fastest-growing segments of the human resources outsourcing (HRO) industry. Payroll outsourcing cuts company expenses while enhancing operations. It helps you stay competitive no matter the size of your staffing or recruiting firm. While we at Madison Resources are not trying to change the name that folks use to identify what your major need is, Madison Resources goes well beyond just payroll funding. We also generate invoices, collect your invoices, provide staffing advice, technology and financial analysis.
Here are four reasons why payroll outsourcing continues to expand.
1. Multi-State Payroll
When you’re doing business and have employees in multiple states, you’re responsible for local, state and federal payroll tax withholding, payment and reporting obligations. You have to remember which states have reciprocal agreements, meaning employees who work in one state but live in another pay income taxes only to their state of residency. Plus, you need to know which states have mandated disability programs that require additional payroll tax responsibilities. Further, some states have cities, counties, and other local government units that impose their own income tax. If you do business in these localities, you may have payroll expense taxes, which are local taxes measured by your total payroll, or you may have to withhold local occupational fees from your employees’ wages. Rather than deal with the complexities of multi-state payroll, and potentially owing fines and penalties for errors, outsource your payroll to Madison Resources. Our seasoned payroll team uses cloud-based technology and works with you to manage your payroll and remain compliant no matter which states you operate in.
2. Real-Time Analytics
Gaining data analysis for your payroll provides a clearer understanding of your business operations. Digging into your staffing business, team management, and profits helps you create business strategies targeted on training, tax liabilities, and team management. As a result, payroll outsourcing is in increasing demand for businesses like yours. Combined with the years of business experience our teams at Madison Resources have, we help you maintain your competitive edge.
3. Integrated Platforms
A top trend in payroll outsourcing is the use of integrated payroll platforms. These platforms let you and your employees access your personal payroll data to instantly update and manage salaries, insurances, commissions, taxes, and more. You gain transparency, employee satisfaction and stability. All of these elements are important to our payroll professionals at Madison Resources.
4. Scalable Services
No matter your number of employees, payroll outsourcing can save you time and money. For instance, if you have 0-10 employees, payroll outsourcing means you have more time to talk with investors, build your products/services, and develop your business. If you have 10-50 employees and an HR manager, payroll outsourcing lets your manager focus more on recruiting and developing company culture. If you have 50-500+ employees and are hiring employees in other states, payroll outsourcing allows your HR team to focus on recruiting and strategy and your legal team to focus on compliance. Partnering with the experienced payroll professionals at Madison Resources means saving money by not hiring expensive in-house payroll staff. There is no limit to the size Madison can handle and the value keeps building.
Outsource Payroll to Madison Resources
Outsource not just your payroll to Madison Resources but your whole backroom requirements. These are non-core duties. Free up time to focus on your core specialties increasing sales, recruiting talent, and better serving your clients. Contact us today.