Payroll is a crucial part of managing a business. Payroll mistakes and errors are not only bad for your relationship with your employees, but they can get you into legal trouble as well. Which is why many businesses choose managed payroll services.
What is Managed Payroll
Managed payroll refers to outsourcing your company’s payroll processes to a third-party provider. Typically, this includes tasks like calculating wages, managing tax withholdings, processing payments, and ensuring compliance with payroll regulations. Other managed payroll services can include verifying timecard information, administering wage garnishments, remitting payroll tax payments, filing payroll tax returns, auditing payroll, maintaining payroll records and reports, resolving payroll issues and staying on top of trends.
Benefits of Managed Payroll
Outsourcing your payroll processes to a reputable service provider gives you more advantages than just peace of mind. Benefits include:
Time Savings
By outsourcing your payroll tasks, you’ll free up your and your employees from time-consuming administrative tasks, leaving more time to focus on core business activities.
Cost Savings
Outsourcing is often more cost-effective than hiring an in-house payroll department. This is especially true for smaller businesses, as it eliminates the need for dedicated staff, software and infrastructure. It also ensures compliance, helping you avoid costly penalties.
Enhanced Accuracy
The automation and expert knowledge you’ll get with a managed payroll service minimizes the chance of errors in calculations and tax deductions.
Compliance
Managed payroll providers stay up to date on complex and changing payroll tax laws and trends, ensuring your business remains compliant even as laws change.
Improved Security
Managed payroll services are better equipped to protect sensitive employee information from data breaches and fraud with their robust security measures.
Confidentiality
Reputable payroll providers will adhere to strict data protection standards, ensuring the privacy and confidentiality of employee data.
Access to Specialized Knowledge
When you outsource to an expert, you have access to their expertise and in-depth knowledge.
Advanced Technology
Managed payroll service providers often provide cloud-based access, automated tax filing, and real-time reporting, giving you easy and convenient access to all your payroll data.
Scalability
Managed payroll services can usually be scaled up or down to accommodate your changing business needs without needing to hire or train new staff, making it easy to manage your payroll as your company grows.
Employee Satisfaction
Managed payroll ensures efficient and accurate payroll processing and easy 24/7 online access to paystubs, which makes for happy employees.
Choose Arsenault CPA Firm for Your Monthly Payroll
If the stress of payroll is preventing you from growing your business, let Arsenault CPA Firm help. We are an experienced New Mexico accounting and tax firm that specializes in small and growing businesses. Our managed payroll services ensure accurate and compliant compensation and offer the tools and support you need to grow your workforce, reduce non-compliance risks, and manage labor costs. Let us increase your efficiency and reduce your payroll stress. Contact us today for a free consultation.