How Your Business Can Benefit From Outsourcing Payroll 0
Outsourcing companies play a crucial role in the growth of businesses. It’s now commonplace to see major players in the marketing world commission outsourcing firms to handle core and non-core responsibilities.
With the complexities and intricacies involved in payroll, a lot of companies and businesses are now resorting to a permanent solution: hiring payroll providers. This decision, over time, has proven to be a wise and sustainable choice.
If you’re wondering whether your business will benefit from a payroll outsourcing service like Consultant In-A-Box, you’ve come to the right place.
Benefits of outsourcing payroll
Below are some key areas your business will benefit from payroll outsourcing.
When it comes to businesses, time is directly proportional to money. A lot of time goes into payroll processing that it is often difficult to keep up with other core responsibilities.
Manually processing payroll requires undivided attention. An employee’s net salary needs to be calculated accurately, deducting taxes, pension and healthcare, and including several allowances. And that’s just a single employee.
The action needs to be repeated for the remaining employees, and that can be mentally exhausting. Outsourcing this vital responsibility to payroll providers will save time that can be channeled into a venture that is more productive.
Another benefit of outsourcing payroll providers is that administrative and financial mistakes are reduced to the barest minimum. For instance, when an employee’s work hours aren’t imputed correctly on the timesheet, it may result in a salary decrease (which affects the worker negatively), or an increase (which affects your business).
When an employee receives less of their deserving pay, they may decide to seek resolution in the court of law, and this invariably impacts your business.
To refrain from making costly mistakes like this, the expert service of a payroll provider is necessary.
Improves data security
When it comes to payroll processing, there are so many dangers involved. Some of them include payroll fraud (which affects 27% of all businesses worldwide), identity theft, and embezzlement of funds.
Even if you’re confident about the security of your payroll software, one can never be too confident in matters that pertain to money.
Contracting a payroll outsourcing service like Consultants In-A-Box will ensure that your company’s data is well protected. Leading payroll providers make use of state-of-the-art tech to store payroll information that cannot be breached.
You can rest assured that your business won’t suffer a financial hit internally when you hire a payroll provider.
Leverages on modern technology
Everyone is saving their data information to cloud-based systems, and it is only necessary to hire a payroll provider with a cloud-based system. Modern payroll outsourcing services utilize these systems to foster data security and manage information.
This invariably means increased payroll efficiency, reduced financial costs, and hitch-free processing of payments.
Payroll outsourcing services are leading experts in the field of payroll processing. These companies understand and navigate the many complexities in payroll and give their best to clients. Some of their impressive responsibilities may be tasking for the administrative officer in your firm. They include:
- Adhering to federal and state tax laws.
- Accurately deducting social security, FICA, and healthcare fees.
- Updating W-9 forms to accurately make tax deductions.
Ensures compliance with government laws
It’s difficult to keep up with all the federal and state laws pertaining to employee allowance. Your business needs to remain on the side of the law always. That’s why it’s so beneficial to hire the services of a payroll outsourcing firm.
Consultants In-A-Box is a leading payroll outsourcing service whose mission is to provide lasting solutions to the financial needs of your business. Do contact us today.
How to Protect Your Business Against Fradulent Payroll Providers 0
Many businesses, small or big, are suffering from a different kind of pandemic today: payroll fraud. A record 27% of businesses the world over are currently under attack from this accounting fraud. While this fraud can be typically traced to workers with ill intentions working within a business, it is often advised to hire the services of a professional payroll provider.
Payroll providers are expert agencies that offer effective and safe payroll processing for businesses. While they are tasked with navigating all the intricacies involved in payroll systems, can they really be trusted with your company’s financing?
While there are reputable payroll providers like Consultants In-A-Box out there to entrust your business payroll processing, we can’t help to disclose that there have been a couple of bad eggs in the business, soiling the hard and success of good payroll outsourcing companies.
In this article, you will learn how these fraudulent payroll providers operate and how you can prevent your business from one.
Causes of Payroll Fraud
Fraudulent payroll providers cripple the finances of many businesses through the following methods:
- Ghost employees - If your business is fairly large, it is tasking to know all your employees by name or the actual number of your staff size. Fraudulent payroll providers exploit this common flaw by creating a fictional worker(s) and inputting their information along with genuine workers on the payroll list. The company ends up paying that ghost worker’s salary which is collected by the payroll providers. In some cases, these providers may use the names and details of former employees to trick businesses into paying them.
- Falsification of timesheets - Some fraudulent payroll systems deliberately increase the number of work hours by a staff (whom they must’ve connived with) to have a bigger paycheck.
- Payroll impersonation - Fraudulent payroll providers may ask your employees to update payroll data through a phishing website made to look genuine. They’d steal this information and make alterations to it on the genuine website.
- False commission - It’s commonplace to see some businesses giving commissions to employees. A deceitful payroll provider can deliberately increase the commission of workers to make them earn a larger pay. This stunt is pulled by illegally increases the target sales and other marketing bonuses.
With the aforementioned ways in which businesses can be affected by fraudulent payroll providers, how do you ensure your business is well protected?
How To Protect Your Business From Fraudulent Payroll Providers
The steps below will guide you on how to prevent payroll fraud from scandalous providers:
- Properly vet payroll providers. This is the important step to make before hiring a payroll provider to handle your company’s payroll. Ensure that they’re adhering to the regulations of the SEC and can also provide proof of their liability insurance. Also, ensure that their customer service is top-notch. Your business deserves nothing short of the best.
- Check out reviews. When selecting a payroll provider to work for your business, you should the internet for user reviews. Reviews reveal a lot about a payroll provider you’re planning to work with.
- Request for further certifications. You need to request for further verification from governmental agencies before hiring a payroll provider.
We at Consultants In-A-Box take pride as permanent solutions to your business’ payroll problems. We combine professionalism with a wealth of experience to deliver the very best for your employees and business. Do reach out to us today.