Can your HR team fulfill increased responsibilities as your company rapidly expands into additional states? Can they keep up with the latest technology and track changes in labor laws in each of those states? Outsourcing contractor payroll takes care of all these problems and saves you money in the process.
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Access to Latest Technology
Outsourcing contractor payroll saves you money by providing access to the latest technology and expertise required to process payroll efficiently. As an employer, you deal with thousands of federal, state, and local tax laws and regulations. Hundreds of new rules are enacted every year. Compliance with the Affordable Care Act (ACA) alone involves complex reporting requirements. The newest technology is needed to operate your business efficiently by tracking employee records and maintaining reporting requirements to grow your company. Your employees expect direct deposit, personal access to payroll information online, and other technological benefits. You use your smartphone to look at company reports, see how much money you need for payroll, and have access to other information when you leave your office. You need access to current technology to stay competitive in the staffing industry.
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Reduce Costs and Risks
Outsourcing contractor payroll helps cut your costs and limit your risks. Time reporting requirements can vary by state and even by city. Having someone who knows these laws inside and out can in the end save you money. In addition, you face potential penalties for violating reporting requirements and other laws. Those IRS penalties and attorney fees add up quickly, especially when multiple workers or law violations are in play. You’ll have peace of mind knowing these issues are avoided by outsourcing your contractor payroll.
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Focus on Core Business
Outsourcing contractor payroll frees up time and resources to focus on your core responsibilities. Processing contractor payroll doesn’t directly increase your sales or bring in revenue. Payroll takes a large amount of time to comply with federal, state, and local laws. You have to calculate tax withholding from each employee’s pay and report and remit the taxes. You must understand highly technical wage and hour laws, new-hire reporting, and state requirements about unemployment compensation and workers’ compensation insurance. If the IRS sends you a notice about a fine, you’ll spend even more time investigating whether you actually violated a law and paying the penalty. This time-consuming work can be avoided through outsourcing your contractor payroll.
You deserve peace of mind by outsourcing your contractor payroll processing needs to experts. Contact the seasoned professionals at Innovative Employee Solutions today!
