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.
Should Small Businesses Outsource Payroll 0
It is commonplace to see small business owners tackling a lot of issues that demand equal attention, and at the same time. Coming up with strategies to boost business sales and productivity, prepping your staff, and taking charge of your finances—especially managing your payroll—can be exhausting.
That’s why businesses are now leaving this task to professional payroll providers. If you’re wondering whether it’s a wise business decision for your small business to outsource payroll, the answer is a resounding yes.
In this article, we will discuss what payroll providers are and the benefits of outsourcing one for your small business.
Who are Payroll Providers?
Payroll providers are expert agencies hired by businesses to handle their payroll processing in a professional and hitch-free manner. It is very vital, even as a small business owner, to outsource payroll.
Benefits of Outsourcing Payroll.
Outsourcing your payroll to payroll providers come with many benefits. Some of them include:
Time is money, even for small businesses. And when it comes to payroll, it is a time-draining exercise. Having to calculate a worker’s allowances and taxes, deductions, overtime, paid time, and ensuring that state and federal regulations are strictly adhered to can be really stressful.
However, when you outsourcing payroll to an expert provider, like Consultants In-A-Box, you as a small business owner will have more time to focus on other strategic tasks that will boost your bottom line. Also, this will also aid the employee in your accounting department to channel their energy to another productive venture for your business.
The staff size of your business doesn’t matter. When you think about the time you’d spend in preparing W2s, the importance of outsourcing it to payroll providers becomes crucial.
When it comes to payroll processing, mistakes may arise, especially when it is done in-house. Payroll mistakes impact your workers and your business. The IRS also frown frowns at payroll mistakes and would not waste time issuing penalties to you.
As a business owner, you’re responsible for whatever happens, good or bad. And that’s why it’s important to contact your payroll to experts who are equipped with the knowledge of federal and state regulations and the changes in tax rates. More so, you need a payroll provider that will be able to implement these figures in your payroll effectively.
Team of experts
Because new tax laws and regulations are made almost every year at the state or federal levels, your business must continue to ensure that it is on the side of the law. This is why you should outsource payroll.
Payroll providers are experts in the business of accounting and HR. These experts are well aware of the ever-evolving intricacies of payroll, and you can always count on them.
Eliminates payroll fraud
Currently, payroll fraud affects 27% of businesses worldwide. It is reported that businesses with less than 100 employees are more likely to be affected. Even if you trust your workers, there’s a potential risk of being defrauded from identity fraud, embezzlements of funds, ghost employees, illegal filling of timesheets, and many more.
You may not have the time to properly and closely monitor your workers in the accounting department. But you can invest in a more sustainable solution: hiring payroll providers.
When you think about processing payroll in-house, you’d have to factor in a lot of things. Some of them include calculating payroll, printing, disbursing paychecks, keeping up with tax laws, generating reports, etc. This often results in spending more money than you bargain for.
When you compare it with payroll outsourcing costs, you’d see that it is more cost-effective to hire a payroll provider.
Consultants In-A-Box is a leading payroll provider, tasked with delivering the best payroll solutions for small and large businesses. You’re just a click away from transforming the financial aspects of your business. Reach out to us today.