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Payroll administration has been a problem for businesses for as long as people have been selling products and services. It doesn't matter if you're an entrepreneur, small-business owner, or an executive with a Fortune 500 company. Mistakes can be costly. And dealing with the data, classifying employees, keeping up with regulatory changes, processing payments, and all of the other duties can be daunting.
The time, money, personnel, and hassle required to do your own payroll fully in-house at the end of every pay period is quite substantial. In fact, many business owners and managers say that "doing payroll" is their number one cause of stress in the course of their business life.
Payroll administration is often a pain point for businesses of all sizes, but nowhere is this more true than in the mid-sized sector. Most businesses of this size simply can't afford to hire a team and pay them a yearly salary just to handle payroll, but their payroll is too complex to be done properly by hand.
The number of businesses choosing to outsource their payroll and other HR duties is currently on the rise, but there are still some businesses that are bucking this trend. For some businesses, however, the resistance stems from a misunderstanding of what it means to outsource your payroll. Here are a few common misconceptions some business owners have about outsourcing their payroll, and why they aren't necessarily accurate.
Payroll administration is complicated, even for small businesses with relatively few employees. In fact, an increasing number of businesses are choosing to outsource their payroll, and here are some compelling reasons why.
Payroll administration can be a difficult and time-consuming process for many businesses. The devil is in the details and it's easy to make small mistakes that have a big impact on your employees and business.
Payroll is not something your business can afford to mix up, especially in a competitive job market where your employees are constantly receiving offers to go elsewhere.
Your human resources team has a lot on its plate, which creates opportunities for payroll errors to be made. Here are five common payroll administration errors that will cost you your employees (and potentially your business too):
For many small business owners, finding the right balance for handling payroll is a challenge.
For those companies that are still handling payroll in-house, they may find it to be a very costly and time consuming process, which would make it worth their while to outsource this and focus on more strategic matters. According to the latest data, 58 percent of companies with fewer than 500 employees choose to outsource payroll. This is likely because these small to mid-size businesses lack the staff, time, and expertise to handle payroll adequately.
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