Most businesses rely on a strong team of employees to be successful. As the team grows, it becomes increasingly important to ensure appropriate practices and policies when completing the payroll. Most businesses, particularly those with fewer than 50 employees, are likely to benefit by outsourcing payroll services. In general, they tend to save money and time with this practice.
Even with this rule of thumb, team size is not the only factor that should determine if it would be best to outsource payroll for small companies. That’s why we have put together this quiz to help you determine if you should be outsourcing this tedious task to another company.
Quiz: Is It a Good Idea to Outsource Payroll for Small Companies?
Do you own a small business?
The size of a business is a strong indicator when determining whether payroll and Human Resources services should be outsourced. In general, businesses with fewer than 50 employees would benefit from these professionals. However, consider your business needs and what the work would entail to complete these tasks. If it seems likely that enough work exists to require a full time employee, then the answer to this question may be “no.” Consider not just the physical size of your business, but also its needs based on that size.
Are you based in the United States with Canadian employees?
Even large companies may require the outsourcing of such services, particularly if the company is based in the United States and hires Canadian employees. These employees will require services to be performed by individuals with a good understanding of Canadian laws. It is unlikely that the full time Human Resoucres department of a U.S.-based company would have this specialization. Due to different laws and regulations, payroll looks very different in the two countries and it is often difficult to ensure compliance. Thus, in this case it may be a good idea to outsource payroll services for these particular employees.
Do you think handling payroll revolves around cutting cheques?
Perhaps you run a relatively small business and believe that you could easily handle the payroll tasks on your own. That’s great! But take caution — payroll requires much more time and energy than simply cutting cheques. Be sure to properly assess the time it takes to complete these tasks before taking them on all by yourself. If you aren’t sure what else needs to be done, then it may be best to hire professionals that can handle payroll for small companies.
Do you find the process confusing and frustrating?
Have you ever found yourself wondering, “what are payroll taxes?” Payroll and Human Resources management require compliance in regards to federal rules and regulations, including various tax laws. Ensuring that your business follows these laws can be extremely difficult, as the process itself is often considered to be frustrating and confusing. If you find yourself unsure of how to complete payroll or properly handle HR problems, it may be best to hire a business that completes payroll for small companies. These providers specialize in such tasks and follow the appropriate regulations. Plus, you will save yourself many headaches and feel much more confident!
Does Your Company Require HR Services?
Many businesses that offer payroll services for small companies also offer services in Human Resource management. If your company is in need of help in this department, as well as with the payroll, it may be best to hire such services for your company.
If you found yourself answering “yes” to these questions, then you will most likely benefit from hiring payroll and HR services for your company. These payroll providers understand the regulations governing these aspects of businesses and are well suited to help. They specialize in these services and are ready to accommodate you and your employees!