Payroll is an essential part of your company. It’s how you reward and retain employees for their hard work. If there are payroll errors, your staff may become dissatisfied and unmotivated. Unintentional violation of tax codes and payroll regulations can result in fines and penalties. By outsourcing your payroll, professionals who stay on top of changes in laws, codes, regulations, and related issues handle everything.
Here are four reasons to outsource your payroll to Madison Resources.
In-house payroll demands a significant time commitment. The required attention to detail increases as your staff grows. Each pay period includes checks and balances to ensure no errors are made. The significant amount of data being handled, and the fact that it varies among employees, makes the process inefficient. By outsourcing payroll to Madison Resources, you free up time for core activities. You can refine sales and marketing strategies, improve workflow efficiencies, and focus on other tasks that help you manage and grow your business.
Since your time has a dollar value linked to the revenue you generate, the time you save by outsourcing payroll is money earned. Calculating employee hours, deductions, paid time off, sick leave, and taxes takes time away from revenue-generating activities. Printing, signing, and distributing paychecks or stubs do as well. Processing direct deposit payments or electronic payments, generating payroll reports, and preparing and submitting local, state, and federal payroll taxes all take away time from core activities. When you compare the time spent on payroll each pay period with the costs of outsourcing to Madison Resources, you see a substantial savings.
A substantial amount of risk comes with in-house payroll. Staff who handle payroll have access to employee records. They could tamper with the records for identity theft, embezzlement, or other personal gain. Although your payroll software may be relatively secure, you might house your data on a server or network with security flaws that could allow for data theft. When outsourcing payroll to Madison Resources, your data is stored on highly secure servers with cutting-edge encryption technology and ongoing data backups. Maintaining this level of security on-site would require a substantial amount of capital.
Even though you’re probably not an expert in tax regulations, you’re still responsible for mistakes, misrepresentation, or failure to accurately file with state and federal agencies. You must understand wage and hour laws, changing regulations, and related issues to properly process payroll. One error can leave you open to audits and penalties. This takes time away from running your business. When outsourcing payroll to Madison Resources, professionals who understand tax law take over. We keep up with changing rules, regulations, and tax laws. We also guarantee accuracy and compliance.
Outsource Your Payroll to Madison Resources
Outsource your payroll to Madison Resources. Save time and money, improve security, and maintain compliance. Get in touch with us today.