Outsourced payroll is one of the best solutions for 2023.
Between your marketing department executing new strategies for the new year and your customer support department helping your clientele, you may think everything is working perfectly, right? It sounds like it is, but have you considered next year's inflation?
Chances are that, as a great small business owner, you have. But if you still need to include some things here and there, you have to ask yourself, why does the small business owner always have to deal with paying your employees? Well, at first, owners are responsible for handling all of their company's finances. After the company grows, you may hire a bookkeeper or an accountant to take care of the business economics. They even can take care of the payroll for you.
So, how exactly can you benefit from outsourced payroll?
In this article, you will learn some benefits of outsourcing payroll to a virtual assistant or a freelancer. It is essential to mention that there are companies who can take care of your entire payroll process for you, but most of them are quite pricey, and their plans may be different from what you are looking for. Hiring a VA or a freelancer instead can help you communicate with the person who is taking care of your employees' payments and have direct channels to provide them with the necessary information they need to perform their job correctly. Read below to find out more about these benefits.
Benefits of Outsourcing your Company's Payroll
Save on Costs
The most fundamental reason companies switch to an outsourced payroll is to save a little of the annual budget. Hiring an in-house employee can be pretty expensive if you consider all the costs of hiring one. You have to offer them a salary, which is a given, but you also need to provide them with the necessary equipment, office space, and software and pay for their benefits, like healthcare or transportation.
Outsourcing your payroll is even more effective if your employees work part-time with different schedules. While you can charge your employees to take charge of their agenda, you still need to follow specific guidelines to avoid going over budget. This situation is where a VA can help you with your payroll. They can track all of your employees' effective hours so they can receive the amount of money they have worked for.
As a small business owner or entrepreneur, you know that rules change with time. Whether a website is updating their term and conditions or the government is creating new laws, the modern business owner must stay updated with all of these changes to avoid problems with the organizations changing them.
Unfortunately, you know that keeping up to date with all changes, especially financial ones, can be quite daunting. You not only need to be updated, but you also need to check that your sales department is working correctly or that your clients are happy with the products that you sell. It is too much information to keep in one human's head!
Fortunately, VAs and freelancers are already experts in most of the topics related to their fields. When it comes to payroll, following new rules and statements is essential, you do not want employees to be unhappy with their work. Money is still a sensitive topic for most people. Eliminate any nuisances with a VA.
If you handle your company's finances by yourself, then you know it is not difficult but time-consuming. It also requires your undivided attention. Otherwise, the chances of messing your finances up will skyrocket.
Handling your payroll is just as demanding. One mistake can become a grave problem for any of your employees, especially if you are late with a payment. Having an outsourced professional to take care of your payroll will not only avoid mistakes like this but will also help free time from your schedule so you can focus on more important things.
Laws and Regulations
Payroll may seem like an easy task if you are starting your business. But, as your company grows, there are several government regulations you need to take into account, and learning them takes a lot of work. Payroll regulations extend from federal to municipal identities, and you must have your books by those laws. Even the slightest mistake on a worksheet can be dreadful.
This knowledge requirement is why outsourcing your payroll is a good idea. Outsourced employees are usually familiar with all of these regulations and by-laws. They can even help you explain to your employees which deductions are taking more from their paychecks and avoid problems with future amendments imposed by the state.
Hiring a Virtual Assistant for Payroll
As you have read above, payroll is challenging, even though it might look easy at first. You need to consider many things before hiring an in-house employee to work on it, and if you want to do it yourself, it may take a while before you can understand all of its rules and regulations. That is why outsourcing is one of the best ways to go, especially if you choose a service like virtual assistants.
Virtual assistants are experts who want to see your company grow. They specialize in different services like payroll, bookkeeping, marketing, and social media. They cost half the price of hiring a regular employee, and you will not have to worry about equipment, office space, or benefits. All of those are on us, so you only have to pay for the number of hours worked.
Don't let 2023 worry you. We are here to help.