As a recruiter, you may attempt to save money by handling payroll and back office functions yourself. However, you don’t have the time to become familiar with all the details of and changes in employment and labor laws. A better solution is outsourcing your back office services to an expert, like Innovative Employee Solutions.
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You Reduce Your Costs and Risks
Handling your own payroll may result in overpaying your contract recruits and/or missing reporting or other requirements. Employees and federal, state, and local tax collection agencies need to receive payment in a timely manner. Your number of contract recruits, various deadlines, and tax requirements often change. You can’t stay on top of all these issues, which may lead to increased taxes and penalties and potential lawsuits.
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You Get Access to Expertise and Technology
Because your main focus is recruiting, you most likely don’t have the knowledge and technology necessary for handling payroll. For example, the Affordable Care Act alone has very complicated reporting and compliance requirements that take up considerable time. In addition, keeping current with technology is an expensive and time-consuming process. As your business grows, so do your employee records and reporting requirements and it can be difficult to handle everything on your own.
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You Focus on Your Core Business
Although payroll is a necessary part of your business, it takes away time from your recruiting efforts. If you were to handle payroll yourself, you would need to stay current on the details of all related federal, state, and local laws. You’d be responsible for all legal requirements, including calculating and withholding payroll taxes and reporting and remitting those taxes. You’d have to understand wage and hour laws, such as when to pay overtime, which may be very technical. You’d also need to comply with reporting requirements of new hires, unemployment compensation, worker’s compensation insurance, and more. Even the smallest error in payroll calculations may result in penalties and taxes and/or legal issues down the road.
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Outsource to Innovative Employee Solutions
Increase your revenue and reduce your risks by outsourcing your payroll to IES. By partnering with us as your employer of record, we assume all administrative responsibilities and liability for your contract recruits. IES will lower your overhead costs, eliminate your time spent completing paperwork, and take away your risks of handling payroll.
Eliminate your burden of handling payroll by outsourcing to us. Contact the experts at Innovative Employee Solutions today!
