Payroll Services

Avoid Employee Disengagement Due to Late Compensation

Workers get demotivated and uninspired due to payroll mistakes or delayed payments.

A survey by PwC found that financially stressed employees are less engaged at work.

Moreover, employees tend to lose trust in a company when their payments are often late or incorrect. They may even write bad reviews on public forums or official company channels, ruining their employer’s reputation and turning away competent candidates.

Businesses can show appreciation and care for their employees by ensuring timely payment processing with outsourced payroll services. On-time salaries strengthen employees’ motivation and stimulate their sense of fulfillment in the office.

Gain Access to Payroll Expertise

A good service provider hires top talent who understands payroll processing inside and out. Their professionals specialize in the function of and compliance with government regulations. They also receive continuous training as part of the solution provided.

Excellent BPO companies match you with candidates who are experts in finding mistakes and ensuring accurate data. Additionally, they are proficient in:

• Handling voluntary and involuntary employee withholdings

• Processing FICA, Social Security, and Medicare payments and deductions

• Implementing 401(k) integration and regulations with payroll deductions

• Tracking the eligibility dates of employee benefits and processing benefit enrollments

• Updating local, federal, and state tax guidelines and adjusting payroll figures as needed to maintain compliance

Achieve Time and Cost Savings

Regardless of the size of your workforce, processing payroll requires time, patience, and strong attention to detail. However, time spent on payroll accuracy is often at the expense of more pressing matters, such as improving customer service and building revenue.

With outsourced payroll services, you regain valuable time to focus on what matters most. You can outsource tasks such as benefits administration or new hire reporting, and you can even specify how often you discuss payroll tasks. Your BPO provider will likely only reach out once per pay period if no problems or discrepancies arise.

Moreover, companies save major costs when outsourcing to an offshore BPO service provider. The third-party provider works during the client company’s regular business hours and informs them once payroll has been processed.

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Prevent Costly Tax Fines

Small business owners sometimes underestimate financial audits. They must think twice, however, as Congress recently approved the appropriation of Internal Revenue Service (IRS) funding amounting to $80 billion to ramp up audits. With more efficient federal auditing, businesses must be even more careful to avoid being levied tax penalties.

Here are some actions that may result in audits:

• Delayed tax payment for income tax and the Federal Insurance Contributions Act (FICA)

• Late filing of tax returns

• Negligent operations and failing to submit accurate information returns

Over time, penalties may compound due to missed tax payments. This can deplete cash flow and impede other business activities.

Outsourced payroll services for small businesses help you comply with tax obligations and laws to prevent potential legal ramifications. They also ensure you pay your payroll taxes correctly and promptly, helping you avoid fees, fines, and penalties.

Enhance Payroll Data Security

Payroll is a complicated and potentially risky business process. Companies are at risk of embezzlement, company records tampering, and identity theft, even with trusted employees.

Outsourcing payroll to a reputable and seasoned BPO company offers secure handling of your sensitive payroll data. The service provider gives you access to multiple server locations and sufficient backup.

Lastly, a reliable payroll vendor invests in state-of-the-art infrastructure to store and protect your data simply because it is part of the solution offered.

Improve Employee Self-service

Self-service options help improve employee success. An integrated payroll platform with self-service options saves considerable money and time. These tools allow employees to take ownership of simple, everyday tasks, such as:

• Updating personal contact information

• Submitting time-off and leave requests

• Accessing pay stubs and previewing compensation information

• Changing shifts

• Accomplishing onboarding paperwork

• Populating tax allowance and benefit forms

• Printing tax documents