Payroll Outsourcing
Payroll Outsourcing
Flexi Staffing Services provides best payroll outsourcing services and is about saving your time, money and stress. It is also about having a partner who is an expert in payroll with a strong track record in compliance management. Our in-house team of specialized and experienced payroll and compliance management professionals uses our cutting-edge tools developed in-house to offer you best-in class services. Our processes will streamline the payroll and HRM processes and enhance employee’s experience.
We are competent for maintaining and preparing all the details related to compliances. Our intent is to help you in terms of compliances/non-compliances and payroll related decisions.
At the same time, it is a pleasure to announce that for Outsourcing all the modules will be by default available.
As a payroll outsourcing partner, we not only reduce, but take away all your time that is invested for dealing with the employees and doing all the payroll related activities, after which you can focus on more productive works of your organization or Job/role.
Merits and Demerits of Payroll Outsourcing
Gone are the days when small business owners had to strain their necks working on the payroll for their employees just because they could not afford an accountant. Today, businesses have several options for handling payroll. Even small business owners no longer have to juggle payroll along with dozens of other responsibilities, thanks to payroll outsourcing. If you are a small business owner and unable to decide whether outsourcing payroll is right for you, read on to know more about the merits and demerits of payroll outsourcing so that you can make a more informed decision.
Merits of Payroll Outsourcing
Allows for more payroll services to be offered to employees – When you make a shift to outsourcing payroll to a company that specializes in accounting, it can allow your small business to offer additional services to your employees. This can include 401k contribution deductions or direct deposits that they may not know how to do on their own.
Taxes become easier to file – The main advantage of outsourcing payroll is that it makes filing payroll taxes a lot easier for small businesses. In addition, certain businesses may also find that they can outsource the process of filing taxes to focus their energies on other pressing matters.
Saves Time: Payroll is not just tedious but also time-consuming. No wonder it ranks as the second most costly administrative duty. When you outsource your payroll, you will save enormous time and effort.
Cost savings – When a small business handles their own payroll, they also need to look into costs of calculating wages, printing pay stubs, issuing paychecks, maintaining financial reports, paying payroll taxes, etc. However, an established payroll company will take care of the entire payroll package for you at a quarter of the price you would pay to do it yourself.
Offers Greater Security – In today’s world, data security is a great concern for not just employees but employers too, and outsourcing can give a small business a secure data system that they can establish for themselves. A single outsourced payroll contract can provide backups, servers, and several security technologies to protect employee data.
Demerits of Payroll Outsourcing
Difficulty accessing employment and wage data – While outsourcing payroll in most cases is advantageous to a small business owner. However, depending on the service provider you choose, you could encounter hurdles when accessing data since this information is stored on a server that does not belong to you.
Delayed corrections – If you spot a mistake in your payroll, you may have to wait for the service provider to rectify it instead of making the changes on your own. If the payroll firm does not respond as quickly as you wish, it may call for anxiety and dissatisfaction.
Risk of payroll vendor going out of business — It is not uncommon for many payroll outsourcing services to go out of business. It does happen, especially with a ton of competition. In such cases, there exists the possibility of losing access to your payroll data and money.
If you own a small business and are considering outsourcing your payroll, Flexi Staffing Services is the right choice for you. We are one of the best payroll outsourcing companies in the country and offer affordable and reliable payroll services that you can trust. Call us today to get more details on the many packages we offer.
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