Payroll is a great candidate for outsourcing due to its often-complex nature and the consequences that accompany easy-to-make errors.
While hiring a third party to handle your company’s payroll services usually sounds like a solution reserved for small businesses, a business—or franchise—of any size can benefit from one less thing to keep track of.
Here are a few reasons why you should consider outsourcing your franchise’s payroll.
#1 It Facilitates Ease of Mind
An easy reason why you should outsource your franchise’s payroll is that doing so will take a huge amount of responsibility—and, thus, worry—off of your mind. Allowing a professional payroll service to manage things like your employees’ basic information, hourly rates, and overall salary scale means that you don’t have to, and that’s a good enough reason to outsource in and of itself: the peace of mind that accompanies knowing your company’s payroll is in the hands of experts.
Of course, payroll services will also ensure than everything from compliance alterations to state tax fees end up in the right place at the right time, so you can direct your focus more toward your area of expertise without stressing about state and federal payroll requirements—or, worse yet, forgetting about them.
#2 It’s Consistent
Although peace of mind is important, nothing is more crucial on paper than consistency. Outsourcing your franchise’s payroll to a third-party service will ultimately ensure that each of your locations uses the same clocks, online resources, employee handbook, help documents, and more; as such, you’ll have substantially less to moderate when you do have to step in than if each location used its own in-house service.
Naturally, using the same payroll resources prevents operator error on your end and makes sure you don’t miss anything important due to discrepancies between locations. However, it also reduces the likelihood that your employees will misfile information, be unclear on company regulations, or end up getting paid the wrong amount at the wrong time. These are errors that can quickly add up when you do your own payroll.
Finally, consistent payroll will help you pay contractors correctly and avoid large-scale compliance errors that can result in huge fees, thus saving you countless amounts of time and money along the way.
#3 It’s Low-Risk
In addition to creating a frustration-free environment for both you and your employees franchise-wide, outsourcing your payroll immediately lowers the overall risk of conducting everyday payroll duties to virtually zero. Since the majority of common payroll errors—such as missing deadlines, misreporting, or failing to classify employees correctly—occur due to amateur payroll attempts, using a professional service will mitigate most (if not all) potential problems.
As an added bonus, if any errors do occur, the payroll company you chose—not you—is typically culpable. The same usually goes for things like security breaches, protocol miscommunications, and compliance changes across your franchise.
You may worry that a payroll service’s benefits come at the cost of having to pick the perfect one out of a sea of imposters, but that isn’t true. With the aggressive online presence most payroll companies have in addition to the ever-present potential for reviews, you can ensure that you pick the correct payroll service for your company without worrying about becoming the target of a scam or a mediocre service.
#4 It’s Low-Maintenance
Giving up control of your payroll may feel wrong, but the ability to “set it and forget it” when it comes to professional payroll services means you get to focus on what matters to you: the business itself. Remember, your expertise is the most important thing to prioritize; let someone whose job and expertise lies in payroll handle the extra stuff.
This doesn’t mean you’re entirely off the hook, of course; you’ll still have to retain copies of certain documents such as employee W-4s and report certain information to the payroll company of your choosing. The burden of handling payroll will be drastically reduced, however.
#5 It’s Attractive
There are many steps you can take to indicate that your franchise is a professional outfit, but using an outsourced payroll service is a big one. You’ll find that employing a third-party payroll company helps banks, investors, lenders, and even larger companies view your franchise more positively; similarly, your employees will respect and enjoy your businesses more if the payroll you use is efficient and effortless to access.
Remember, the more professional your business looks, the more seriously customers will take it.
Perks of Using Abacus Payroll, Inc.
While you have a wealth of payroll possibilities at your fingertips, we don’t think you should have to look further than this site. Abacus Payroll offers a full suite of payroll solutions, including the ability to tailor any services directly to your franchise’s individual needs rather than offering a cookie-cutter option. Additionally, our team is comprehensive without being so large that you’ll have to worry about holding, speaking to inconsistent reps, or not having your issues heard the first time.
Like any task, you should accomplish payroll correctly the first time. For more information about how Abacus Payroll can ameliorate your payroll woes and leave you able to focus on what matters, call us at (856) 667-6225 today.