Processing payroll is a time-consuming activity that doesn’t generate revenue. You’re better off outsourcing payroll to the experts at Innovative Employee Solutions. The following are just a few of the benefits outsourcing your payroll can offer.
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Productivity
Calculating payroll, determining tax obligations, preparing checks, and providing management reports is complicated work. Summaries on earning statements, payroll by departments, time sheets, expenses, and other reports take hours to create. Leveraging the expertise of IES professionals lets you focus on more value-added tasks or hire more people to help grow your business. You’ll gain a competitive edge and be better equipped to explore new markets that may increase your revenue.
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Accountability
Staying compliant with often-changing local, state, and federal tax regulations is complex and time-consuming work. The latest tax codes, filing deadlines, deposit requirements, tax tables, and government forms must be adhered to. Mistakes often result in steep IRS fines and hefty attorney fees. Outsourcing your payroll to IES means having experts handle all your payroll needs while staying compliant with applicable laws.
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Savings
Hiring and training staff to process payroll is expensive and time consuming. You have to provide office space, salaries, benefits, and more. Processing software has to be updated, and workers have to be extensively trained to use the program. There’s a higher incidence of unemployment insurance, workers’ compensation claims, and other liabilities when processing in-house. You’ll need additional help at tax time, and temporary workers are costly. By working with IES, you’ll receive top shelf service for a fraction of the cost of processing payroll yourself. You can invest your savings in revenue-producing areas and increase your bottom line.
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Risk Management
Hiring employees is a risky venture. Obtaining new hire paperwork, handling workers’ compensation and unemployment claims, providing insurance coverage, and other legal requirements are burdensome and costly. High rates of worker absence or turnover and low rates of productivity decrease your bottom line and threaten your company’s growth. Working with IES means having us assume all administrative responsibility and liability for your contingent workers through every step of the process. You’ll reduce your number of lawsuits significantly and be better equipped to react to changing circumstances.
Get peace of mind by outsourcing your payroll. Contact the experts at Innovative Employee Solutions today!
