Building and maintaining trust with your employees is always a top priority in your business. An easy and error-free payroll process makes employees feel supported in their work and eager to grow with your company. Statistics show that accurate payroll is one of the top retention tools for gaining employee trust. So, it‘s only understandable that you have fears about passing this crucial task to someone else.
Here’s the reality: outsourcing your payroll should allow you to spend even more time on your employees. Without the hours of administrative work and time spent catching up on changing labor laws, you can get back to focusing on the future of your business and the happiness of your team.
The trick is finding the right payroll company match for you. For example, not all companies require the same assistance, have the same state labor laws or follow the same hiring practices. In today’s competitive payroll field, companies know they need to be adaptable and flexible to your unique and changing needs. You should never have to change your system for a payroll company — it’s always the other way around.
Still, it’s normal to have concerns about delegating this important work. We’ve parceled through each common fear of hiring a payroll company so you can feel more confident taking back the time for other projects.
Fear #1: I won’t have a job anymore.
Reality: You will always be the human resources and payroll expert of your office.
With the help of a payroll company, your focus can shift to a more managerial role. For example, you will still need to set up and monitor an EFTPS account (more on this here) and monitor payroll reports from your payroll company. Instead of inputting and updating information constantly, you become the second set of eyes on the data you always hoped to have. In short, you still have the final say on the numbers.
You will also have more time to attend to your employee’s needs. Without the time-consuming task of data entry or finding and fixing errors, growth-focused projects often get placed on the backburner. You may not even realize the scope of these projects until you can put aside the mountain of payroll-related work.
On a logistical note, you and your team can also feel free to take vacations and sick days no matter the payroll schedule.
Fear #2: Our company will get ripped off.
Reality: Both you and your payroll provider can stay aware of the trends in payroll fraud and data security.
These are legitimate yet unfortunate concerns in today’s digital world. There are ways, however, to protect yourself from dishonest behavior from a new company. Follow a few steps to ease these fears:
- Choose a payroll company with liability and accountant’s liability insurance
- Set up an EFTPS account through the IRS website to ensure proper tax payments
- Request a system of transparency with your payroll provider. Clarify any confusion within your service agreement before signing. You can also make sure that all funds are transferred under your company’s EIN under your own IRS address.
As far as data protection, inquire how your potential company plans to keep all your sensitive information safe through their software and payment processes. They should be able to provide a rundown of their safety features before you sign on.
Fear #3: I can’t afford it.
Reality: Consider the current cost of your current process in comparison to hiring a provider. It may be closer than you think.
How much money currently goes toward your payroll software, manpower, training in labor law changes and liability costs? If you have a staffing change, you may even need to train a new employee on your payroll processes in a hurry. Handling payroll in-house can add up to more than outsourcing the whole system.
It’s also important to speak to a payroll service about their contracts. What is included in their services? Consider a few initial questions when deciding if their cost is right for your budget:
- Have you worked with my size company before?
- Am I charged each time I call to speak with an employee?
- Which services are included in my contract? Are you flexible if there are services my company doesn’t need?
Fear #4: I’ll just be another customer.
Reality: Personalized service should be your payroll provider’s top priority.
We understand that you or your employees don’t want to lose that personalized feel of your payroll process. Will you be just another number to your payroll provider when you need assistance? With the right payroll company, this should never be the case. As a valued customer, you should receive a personally assigned account executive to answer any questions and guide you through the training process. The company should get to know the specific needs and schedule of your business. Outsourcing payroll should add to your free time to work, not take it away by making you struggle through new programs.
Horizon Payroll Solutions sees each client as an individual customer. We customize our services to the specific needs of your schedule so you can get back to what matters. Above all, we aim to support businesses so they can thrive, always offering round-the-clock personalized support and complete transparency. No matter your concerns, it all starts with a conversation. Speak with a team member today and let us know how we can help you save time and energy to grow your business.