Running a small business means making a lot of decisions. You get to do things your way, but that freedom also comes with a lot responsibility. One of the most important tasks you have to handle? Payroll for your employees. Even small mistakes can come with big consequences. Integrity Employee Leasing is here to help with easy and affordable complete payroll services. In today’s blog, we’ll walk you through how to calculate whether or not payroll outsourcing is the right choice for your small business, and we welcome you to contact a member of our team if you have any questions. If you decide that payroll outsourcing is for you, call us today! We look forward to working with you.
The Cost of Internal Processing
The budget for most small businesses is tight. You may feel that hiring someone to handle payroll is simply a decision you can’t afford to make. However, you should keep in mind how much time you or your employees are spending trying to handle HR duties. Tasks like payroll are doubtlessly necessary, but when they take you and your team away from tasks necessary to move your business forward, like general operations, and generating new business, then it can cost you. According to the Electronic Transactions Association, most small business owners (SBOs) value their time at $170 per hour. When you compare that to the cost of payroll outsourcing, hiring a third-party company like Integrity is a steal!
The Cost of New Hires
For a small business, finding and bringing on new employees is a big deal. That’s why employee retention is essential to your success. Handling the shifting workload and paperwork that comes with someone’s departure in addition to effort that comes with searching for, interviewing, and then onboarding a new candidate likely costs time and money you can’t spare. On the other hand, it can cost your employees if you make mistakes on their paychecks or your online payroll processing system is difficult to use, access, or understand. Exceptional payroll services from Integrity, paired with a seamless online HR services system, can be key in keeping your team happy and invested in your business.
The Cost of Mistakes
Mistakes can not only cost you the respect or loyalty of your employees. A problem with your internal payroll processing system can also be costly in terms of fines, taxes, or overpaying. Payroll is complicated, as you may have figured out by now, especially in a blended workspace with freelancers, part-time and full-time employees, and those who are exempt from timekeeping and those who are not. Here at Integrity, we have developed a complete payroll processing system that can handle multiple employee classifications with ease. Our team of experts can also make sure you comply with local, state, and federal rules, keeping a close eye on the changing regulations to ensure you don’t stumble into a problem that costs you your business or reputation.
Contact Integrity Today
Payroll outsourcing may seem like a luxury you can’t afford as a small business owner, but when you look at the potential costs of trying to handle everything yourself, you may realize that turning to a third-party payroll processing company is the most cost-effective option you have. Trying to handle payroll internally can drag down your productivity and the value you are getting from each employee, and any mistakes that are made by you or your team can have wide-ranging consequences.
From unhappy team members to noncompliance penalties, there are many problems you can solve preemptively by turning to an experienced team like Integrity. Our team has the expertise to offer complete payroll services you can depend on, as well as an online payroll processing system that you can use for paystubs, HR services, and more. Make the best choice for both you and your team — call Integrity today and learn how we can help your small business succeed!