Orange and black streamers hanging from the archway? Check. Spooky – but not too frightening – wall clings adorning the office windows? Check. Pumpkin purchased from the local patch (or, fine, big-box store) strategically placed on your porch or entrance? Check.
Payroll processing squared away for 2021?…
Halloween is practically here, which means most businesses are busying themselves with the intricate and integral preparation of year-end payroll. It can be a tad overwhelming for even the most astute accountants, to say the least. And it can all be avoided if you outsource your year-end payroll to an Employer of Record.
Here are four reasons to make the call:
- Streamline your timetable: The number one reason to outsource your year-end payroll is TO SAVE TIME. Yes, there’s the issue of cost, too (we’ll get to that). But time, as you may have heard, is your most precious resource. Think about it: you’ve spent the last year keeping tabs on your staff, their benefits packages, paid time off, piles of paperwork, and so many other monotonous tasks that take away from your actual mission. Passing the ledger to specialists who are fully equipped and certified to handle it opens up brand new doors for you, your team, and your bottom line.
- Free up labor: Are you making the best use of your in-house personnel? If you’re farming out paycheck distribution to your camera crew, then the answer is probably “no.” Forget expensive software, temporary (and expensive) temps, and hours upon hours of training. Outsource your year-end payroll, redirect talent to where it is needed most, and save thousands of dollars – literally.
- Establish a safety net: There is one thing you can be certain of as a business owner: employment laws and regulations are a continuously moving target across the board. Things change quickly. You must be on your A-game to catch every little nuance and line of fine print – and, most importantly, comply. Small business owners, in particular, are at risk for missing a deadline or filing or inadvertently misclassifying an employee – resulting in costly penalties and fees. When you outsource your year-end payroll (and all compliance concerns, for that matter) to an Employer of Record, you make sure all of your ducks are in a row and avoid non-compliance consequences.
- Defend your data: Cybercriminals have become even savvier since the pandemic, and in-house payroll software only paves the way for access to your company from outside (and inside) threats. When you outsource your year-end payroll to specialists whose entire job is to identify and sidestep such dangers, they can help you protect personal information, prevent identity theft and data breaches, and so much more.