Benefits of Outsourcing Payroll & HR: Why It Might Be Right for Your Business
Posted on May 14, 2014
Doing more with less has become standard practice for many U.S. companies in recent years, as a down economy has contributed to tight budgets and a complex, unstable business environment.
With the advent of sweeping healthcare reform, leaders of small to mid-sized businesses are especially challenged to manage administrative issues such as benefits and compliance in addition to their already lengthy to-do lists.
Outsourcing payroll and human resources can allow companies to do more with *more* —more support, more tools and more budget dollars to devote to their core business practices.
Such a transition means businesses can move beyond tactics and focus on strategy, without the fear of making potentially costly human resources mistakes.
The benefits of outsourcing payroll and HR include:
1. Simplified payroll
Payroll software companies offer easy-to-use tools to handle the payroll details, streamline tax filing and provide a dedicated specialist whose job it is to worry about the little things so businesses can get back to doing what they do best. Online payroll software on the market even includes a mobile app that empowers employees by allowing them instant access to pay and benefits information when and where they need it.
2. Comprehensive, flexible reporting
Cloud-based reporting tools allow managers to create reports, analyze data and glean actionable insights anytime, anywhere. Customizable reports help the C-Suite make big-picture business decisions and give mid-level supervisors the tools to manage their staff’s time and resources more effectively. Some service providers also offer secure access to their clients’ CPAs, bankers and brokers and make it possible to export HR and payroll information to internal accounting software.
3. Human resources support
Implementing human resource management software is a great way to streamline administrative processes that eat up staff time, such as benefit open enrollment. In addition, HR support services offer companies the benefit of HR expertise without the full investment. Instead, they can devote their budget dollars to positions that bolster primary business goals, while prioritizing deeper employee engagement over daily functional management.
Want to learn more about payroll and HR solutions? Explore Paycor’s Solution Finder to discover what products and services might be best for your organization to meet its unique needs, and download this free buyer’s guide to simplify the decision-making process.