How Can Managed Payroll Services Help Me?

How Can Managed Payroll Services Help Me?

July 16, 2020

Companies are always looking for ways to streamline their business operations while saving some money. By outsourcing certain business tasks, you can invest more of your time and energy toward other areas of your business.

The use of managed payroll services provided by a third-party organization, for example, can help you remove the weight of the payroll process, which can eat up a lot of time in your week. Here are just a few examples of payroll service benefits you should consider for your Hayward, CA company:

  • Improved accuracy: By farming your payroll services out to professionals, you can better trust in the accuracy of your payroll information. This is important, because you need to make sure the numbers are right both for employee satisfaction and to prevent an audit from the IRS. Professional payroll services ensure your employees will be paid correctly and on time, which will keep morale high and prevent any mishaps with your finances.
  • Boost profits: Managed payroll services offer you some additional flexibility with your finances that can be extremely beneficial. You won’t have to pay for software fees, equipment, training or supplies for processing payroll information. You also won’t have to pay a full-time salary and benefits to someone to manage your payroll when the amount of work you have doesn’t necessitate such a position.
  • Maintain control: Just because you’re outsourcing an aspect of your business does not mean you lose control over it. You will still be able to communicate regularly with your payroll service provider, and you will be able to put certain elements into your contract to ensure the job is done as you like it. You can pick the specific tasks and functions you wish to pass on to the service provider, and which, if any, you wish to continue doing yourself. You can scale the services up or down at any time based on your preferences and your business growth.
  • Ensure compliance: There are a variety of payroll and tax regulations by which you must abide, and without the proper training or education, it can be difficult to follow or understand those regulations. By working with a professional managed payroll service provider, you can ensure constant compliance with all federal regulations for payroll and taxes, which will prevent you from being subject to penalties or the victim of payroll theft or fraud.
  • More time: By offloading your payroll services onto a third-party organization, you can put more time into more valuable aspects of your company. As a business owner, you shouldn’t let yourself get bogged down by the minutia that can eat away at your time each week. Instead, you can find other ways to increase efficiency and productivity in your business and improve your overall service and value to your customers.

These are just a few examples of some of the managed payroll service benefits that you can enjoy by working with the team at Menjivar & Company CPAs, Inc. For more information about our services, we encourage you to contact our accountants in Hayward, CA today.

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