20 Oct 5 Benefits of Using a Payrolling Service
Almost every entity has some kind of indirect employee. These employees can be temporary in nature to serve a project or contract or may have a longer term commitment to a business. In general, companies use Employer of Record payroll services to overcome the regulatory and cost hurdles when employing workers in a remote location, to have flexibility on committing to staff, or to find a way to cover benefit costs and/or other employer burdens. Scion, as the employer of record, assumes responsibilities and liabilities for employment issues such as administration, payrolling, taxes, benefits, and maintaining employee records. Payrolled employees always still work on behalf of your entity but are no longer legally on your books.
Payrolling offers flexibility in your hire, and significant administrative support for the payroll function. When ready, you may at any point later move the employee(s) back to your payroll, adjust their pay rate, or change their hours and schedule as you would normally.
Despite the massive effect of COVID-19 disruptions, these employees illustrate more general principles common to businesses all the time: conditions change.
At times, things can change drastically and without much advance notice. The nimbler a company is at responding to changing conditions, the more robust their business will be. Payroll services maximize your company’s ability to be consistently nimble. If you need to rapidly scale up your number of employees, for example, you can add them to payroll seamlessly. If, on the other hand, your needs are to scale down effectively and rapidly, they can help you downsize payroll.
Why should you choose to use a payrolling service for your company?
Payroll services can help with compliance, including ensuring required tax and other withholding and development of employee handbooks for clear policies and procedures.
A payroll services company will ensure your taxes are paid correctly and on time, saving you on penalties, fees and fines. Finding the best payroll service can certainly take away stress and leave you with peace of mind for your business that all of your needs will be met. The question still remains: why should I use a payroll service for my company? Here are five of the best benefits that using a payroll service can bring to your business.
Added Convenience and Time
Of course, using a payroll service helps take a large chunk of work off of your plate. Being able to outsource these services can help open up time for other tasks and duties during your work week and lighten the overall load of payroll tasks. Utilizing a service also can help minimize time spent trying to perfect the process and can limit mistakes. When using most services, you can still update employee information on their websites. Some services also have easy to use apps, which also adds to the convenience. The less time you have to worry about payroll services, the better!
Get Accurate Work
One of the best benefits of using a payroll service is the incredible accuracy that comes along with the service. If mistakes are made with your business’ payroll, it could lead to issues with employees and the IRS. Utilizing a service helps improve the accuracy of your payroll and gets your business experienced payroll management help. Avoid costly mistakes and avoid issues with the IRS by hiring a payroll management service that’s well-versed in complying with government tax regulations, security, and privacy!
Save Money by Using a Payroll Service
Another great benefit of using an outsourced payroll service is the cost savings. While hiring an accounting expert to run payroll has its own benefits, the costs of using a service might outweigh the costs of hiring another employee. Salary, benefits, training seminars, etc. can all be additional costs that businesses could save by using a service. As previously stated, using a service helps maintain accuracy and timeliness in your system. This could possibly eliminate the need for an in-house expert while getting the same level of expertise and work, while saving money on cost in the end.
Stay Step for Step with Your Competition
A lot of major corporations and businesses utilize payroll management services for themselves. This helps them keep their payroll more streamlined and allows them to only rely on the system to take care of everything. By utilizing a management system for your own business, you’re staying up to pace with your competitors.
Our final benefit of using a payroll management service for your business is the overall functionality of the service itself. Many payroll management companies will take care of things like direct deposits, employee retirement plans, and more. They will also provide detailed reporting, help calculate taxes, and process W-2 forms during tax season! Using a service allows you to have quick and easy access to an accounting professional.
Partnering with a staffing agency like Scion that incorporates payrolling into their services give you access to an extensive source of resources depending on your need. Temporary staffing, direct hire recruitment are just a few of the specialties that you can count on too!
Finding the right payroll management company for your payroll processing needs has plenty of benefits that come with it. Saving on costs, additional time and convenience, getting accurate payroll, functionality, and keeping up with your competitors are all great reasons to go with a trusted payroll service. Processing your own payroll can be time consuming and difficult without the proper knowledge, but when you partner with a payrolling service, all of the processing needs are done for you!
Scion is proud to offer award-winning payrolling services! When you partner with us, you can rest assured that regardless of your needs or staffing numbers we are able to seamlessly support your team. To learn more about our payrolling services, please contact us today. Additionally, to learn more about Scion, we invite you to visit our about us page!