As a hands-on small business owner, payroll is one of those operations that seems easy enough to manage on your own. Many assume that payroll consists of calculating an employee’s hours worked, subtracting taxes, and then writing a check.
If only processing payroll were so simple. Instead, it is a highly regulated and tedious responsibility. Payroll administrators must keep up with ever-changing payroll laws and tax rules on local, state, and federal levels.
Your time and energy are valuable and much better spent optimizing operations, directing creative campaigns, and driving growth. With financial advisors in Green Bay, WI; Eau Claire, WI; and La Crosse, WI; Advisors Management Group offers full payroll services for small businesses and larger companies.
Here are seven signs that it is time for your business to outsource payroll services.
1. You are way too busy.
Overseeing payroll can be, quite literally, a full-time job. The role encompasses data entry, payroll calculations, and deadline management. When operating payroll, you must make time to learn about new payroll laws and research tax updates.
Falling out of compliance with payroll laws can be detrimental to your business.
2. Labor overhead is too high.
The cost of a designated Payroll Administrator is high. Employed payroll professionals not only require a competitive salary package but can also be costly to recruit, onboard, and train.
This might make sense for large corporations but rarely is the cost-effective choice for small and mid-size businesses. Outsourcing payroll eliminates an entire position and saves your company high labor costs.
3. Retaining payroll employees has been tough.
It is not unusual to have high turnover in a payroll position. It is a demanding and high-stress job. There is nothing worse than hiring a payroll administrator, taking the time to train them, and then allowing them to tailor the processes to their liking, only to have them walk away a month later, leaving you with a mess.
When you outsource payroll services to Advisors Management Group, you can rest easy knowing that you have a team of reliable professionals with solid reputations in the community overseeing your company’s payroll.
4. Human Resources is overwhelmed.
It is common to place the responsibility of payroll under the umbrella of Human Resources. This is one of those cases where common occurrence doesn’t necessarily equate to common sense.
By freeing up your HR team of the demanding responsibilities of payroll, which require financial expertise, you allow them to better focus on the fundamental HR operations of your company.
5. There’s an absence of security policies & processes.
Handling payroll can be a risky business. When you process your organization’s payroll internally, you are responsible for all of your employee’s personal data, including social security numbers and bank account information.
With this significant amount of responsibility, great security measures are required to prevent data leaks, security breaches, and payroll fraud.
Most small businesses do not have the tools and resources to protect themselves from these types of security risks. As the leading strategic business advisors in Wisconsin, we offer full outsourced payroll services with cutting-edge data storage systems and strategic protective methods.
Advisors Management Group has multiple server locations and backup systems fully securing our payroll processes.
6. You do not have a payroll report.
Payroll reports are powerful tools that provide meaningful insight that can help your business make critical decisions.
It takes knowledge and experience to create an effective payroll report. When your business decides to outsource payroll services with us, we will provide a meaningful insight report specifically designed for you and the goals of your business. Our reports are bold, simple to understand, and our Green Bay investment advisors are on hand to explain the data to you and your team.
7. You are not a payroll tax expert.
The IRS is not an entity you want to disappoint, and they have quite a few payroll tax regulations. Each year, businesses across the country face large tax penalties for filing incorrectly or failing to file on time. The IRS does not offer grace for payroll mistakes, and even worse, these slips can serve as a red flag that leads to high-stress audits.
It would be a challenge for a small business owner to keep abreast of every payroll tax update and new law. If you are not an expert in this field, processing payroll can be precarious. We are staffed with tax accountants in Green Bay and other cities in Wisconsin, all of whom keep up to date with payroll tax changes and immediately implement necessary updates to our outsource payroll services program.
Outsource Your Payroll to Advisors Management Group
Our payroll consultants are experienced and equipped with the latest in payroll technologies. Let us take the stress out of business ownership by taking payroll administration off your hands.
As a payroll client, you will have 24/7 access to cutting-edge technology and a protected online platform that allows you to view payroll in real-time with immediate access to payroll reports.
There is a long list of benefits to outsourcing payroll services. Some of them include:
Provides yourself and your employees 24/7 access to real-time payroll data with a user-friendly digital platform.
Eliminates costly internal payroll positions.
Improves company culture and supports employee trust by delivering reliable, accurate, and timely paychecks.
Supports compliant HR operations.
We offer affordable payroll services that support compliance and HR best practices, allowing you to offer your employees reliable payroll outcomes. Beyond offering weekly, bi-weekly, and monthly payroll services, our Green Bay accounting firm offers additional payroll assistance including:
Worker’s Compensation Assistance & Audits
Payroll Federal Taxes
Payroll State Taxes
If you are ready to place your payroll in the hands of Wisconsin’s leading payroll administrators, contact Advisors Management Group today for a free consultation.