Does Outsourcing Payroll Make Sense For Your Business?

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Does Outsourcing Payroll Make Sense For Your Business?

Does Outsourcing Payroll Make Sense For Your Business? 2560 1799 Alicia East

For some businesses, getting out from under onboarding, vendor payment, classifying temporary employees, and other hiring/payroll demands makes all the difference. It can free them up to focus on the central aspects of their business.  Some of the top issues intertwined with payroll are overtime rules, federal and state compliance, insurance requirements for workers, benefit eligibility / management, and worker classification. Each of these issues is a world unto itself—with corresponding needs. It takes a solid foundation of knowledge to handle them accurately. Plus, anytime you’re dealing with payroll, the stakes are high! Businesses have an ethical obligation to pay people accurately and in a timely manner as well as a legal obligation to abide by the rules and regulations.

10 Questions to Help Determine if Hiring a Payroll Partner is Right For You

  1. Do you regularly hire independent contractors and/or temporary employees?
  2. Is the time required for said hiring and onboarding a stressor/hindrance to other aspects of your work?
  3. Does red tape ever cause frustrating bottlenecks?
  4. Has your company’s hiring process ever hindered you from being able to onboard a worker quickly enough to accomplish your goals?
  5. Have you ever made a bad hire because of a time crunch?
  6. Do you ever end up fighting payrolling fires?
  7. Would outsourcing payroll (and/or corresponding issues such as worker classification) free you up to focus on more profitable/interesting aspects of your business?
  8. Do concerns about compliance, worker classification, IRS audits, and workforce headcount keep you up at night?
  9. Have you ever lost favor with one of your best contractors by paying late?
  10. Do you have a reputation among contractors for paying late?

Not everyone needs a service to handle payroll. For those who do, though, it can be a game changer. If you answered yes to any of the questions above, it’s worth taking inventory and considering what kind of partners could change the way you do business.  A good partner makes classifying, onboarding, and paying freelancers painless, paperless, and personalized. Any company that needs quick/frequent access to qualified contractors or that wants to take all the risk out of dealing with the independent workforce could be a good candidate to outsource payroll. If that’s you, we’re ready to chat about whether PayReel’s independent workforce engagement solutions make sense for you. It’s about time.