Maximizing Efficiency for Small Businesses
Small businesses rely on efficiency to survive and thrive. In today's competitive marketplace, businesses that can streamline their operations and get more done with less waste are the ones that will ultimately come out ahead.
Research shows small businesses spend an average of 20% of their time on administrative tasks — including addressing internal processes or reviewing finances. This means that for every five hours that a small business owner works, they spend one hour on administrative tasks.
This is a significant amount of time, and it can have a big impact on the bottom line. For example, if a small business owner can save just one hour per day on administrative tasks, they could save $10,000 per year in wages and productivity.
Outsourcing payroll services can save businesses time, money, and help them stay compliant with government regulations. It can also reduce the risk of errors, improve efficiency and free up time for businesses to focus on other tasks.
What Does a Payroll Specialist Do?
In simple terms, a payroll specialist is a professional who is responsible for processing payroll for a company or organization.
Their tasks include calculating employee wages and salaries, withholding taxes and other deductions, preparing and issuing paychecks, maintaining payroll records, complying with government regulations, and answering employee questions about payroll.
At BELAY, our managed, full-service payroll combines a simple implementation process, all the benefits of ADP, the nation’s most trusted payroll provider and high-touch service.
With BELAY’s Payroll Service, you can expect:
- Managed solution with a dedicated payroll processor
- BELAY's high-touch, premium service
- Powered by ADP, the nation's most trusted payroll company
- 72-hour quick-start new hire onboarding
- Highly customizable to meet your organization's exact needs
What are the Benefits of Outsourcing Payroll?
Small businesses often have to wear many hats, and managing payroll and accounting can be a significant source of stress. Outsourcing these tasks to a third-party provider can free up the team to focus on other matters that are more important to the core business.
Outsourcing payroll and accounting services can alleviate stress on the team by reducing the workload and risk of errors, improving compliance and providing peace of mind.
Other benefits include cost savings, saving businesses time, leading to improved accuracy and enhanced data security.
Outsourced Payroll Specialists Have Access To Up-to-Date Resources
Online payroll specialists use a variety of qualifications and tools to manage finances on behalf of a business. These qualifications include a high school diploma or equivalent, payroll certifications, and prior experience in payroll processing. The tools they use include payroll software, spreadsheet software, and communication tools.
In addition to these qualifications and tools, online payroll specialists need to have strong attention to detail, be able to work independently and be able to meet deadlines. They also need to be able to keep up with the ever-changing tax laws and regulations.
Outsourced financial services companies have the most up-to-date technology and industry knowledge, which can give small businesses a competitive edge. They can also free up small business employees to focus on their core business activities.
Here are some of the specific benefits of outsourcing financial services to a specialized company:
- Access to the most up-to-date technology: Outsourced financial services have access to the latest technology, which can help small businesses to be more efficient and compliant.
- Deep understanding of the industry: Outsourced financial services have a deep understanding of the specific regulations and requirements that apply to each industry. This can save small businesses a lot of time and hassle.
- Free up small business employees to focus on core business activities: Outsourced financial services take care of all the payroll-related tasks, so small business employees can focus on tasks that are more important to the business.
Spend Time On Your Business, Not Finances, By Outsourcing Payroll
A small business can spend up to 10 hours per month managing their payroll. This includes tasks such as calculating wages, withholding taxes, and preparing paychecks.
Here are common tasks that small businesses can have more time to focus on instead of payroll:
- Local outreach for marketing initiatives: This could involve attending networking events, running social media ads or writing blog posts.
- Keeping an eye on the competition: This could improve their own business and stay ahead of the competition.
- Brainstorming new offers or products: This could involve coming up with new ideas for products, pricing strategies or marketing campaigns.
- Customer service: This could involve responding to customer emails and phone calls more quickly, or creating a knowledge base to help customers find answers to their questions.
- Product development: This could involve conducting market research, testing new products or manufacturing new products.
- Marketing: This could involve creating a content marketing strategy, running social media ads or attending trade shows.
Is Outsourcing Payroll Cost Effective?
The cost of outsourced payroll varies depending on the size of your business, the number of employees you have, and the level of service you need.
There are scalable, flexible options available that can fit the needs of businesses of all sizes. It is important to shop around and compare quotes from different providers before you choose an outsourced payroll service.
By outsourcing, here are some things an employer could save money and time on.
- Health insurance, dental insurance and vision insurance
- Payroll taxes
- Life insurance, disability insurance and long-term care insurance
- Vacation days, sick days or personal days
- Training or development opportunities
- Performance-based bonuses or commissions
- Retirement plans, 401(k) plans and stock options
What to Consider Before Outsourcing Your Payroll
Choosing the right payroll solution for your business is an important decision that requires consideration of several key factors. These include the size of your business, cost, features, ease of use, integration, support, compliance, security and scalability.
We have a great resource for choosing a payroll solution for your business so that you can weigh all of your options.
Maybe your current payroll provider is expensive. Maybe the customer service leaves you wanting more. Or maybe the product isn’t easy to use or can’t meet your exact needs.
That’s where BELAY’s full-service managed payroll powered by ADP can help. And best of all, switching payroll providers doesn’t have to be difficult or time-consuming.
It’s a modern payroll platform powered by humans. And where once you had to be an existing Accounting Services client, our newest Payroll offering is now available as an add-on service for all clients.
Let us handle your payroll, so you can handle the rest.
A growing organization means a more complex payroll. And now the option you chose to save money can quickly turn into costing you time and money. Here are five signs that it's time for you to outsource your payroll processing.
Stop stressing about payroll and start settling your organization up for success.