Getting the pay right on time is a must for all companies as it will provide its employees with some piece of mind knowing that they are in good hands. Advance payroll services are always good supplements to a company as it will allow other processes to function more smoothly, leaving more time for other important tasks. While the service may be trivial, it certainly goes a long way.
No matter how big your business is, you’ll always have tons of work to do and one of them is your employees’ salary. However, with lots of responsibilities, it would surely be hard to finish everything in time.
Even so, you can always hire an in-house payroll manager for an extra hand. Here are a few stats to see what they can do to help you understand their role better.
Basically, a full-time payroll manager is responsible in calculating the earnings of your employees. They are also the ones who take care of your company, as well as your employees, taxes and other deductions in the payroll such as health care and social security. Also, they record everything — the payroll activities, taxes, new regulations, and other changes to the payroll. Additionally, they are the ones who file any document related to the payroll and, of course, they are the ones who hand out the paychecks.
Having someone to manage your employees’ salary would definitely save you more time in the long run. However, you have to spend a certain amount of time training your new payroll managers for them to get a good grasp of the workflow, how you manage your payroll if you have a different method, etc.
Payroll managers can do so much help that you will no longer have to think about your employees’ salary. But then again, you’ll need extra budget for that. On average, you have to allot a budget of more than $62,000 a year for a full-time payroll manager.
Quite hefty indeed. But if you don’t have enough budget for an in-house payroll manager, you can opt for other payroll solutions like hiring an outsourced payroll manager.
For starters, outsourcing payroll is just like you hired an in-house manager; the difference is that it’s more automated and accurate. Most oursourced payroll service providers these days make use of modern techniques such as CLOUD payroll services so all data is up to date and free from errors. Often, the downside of manual and in-house payroll management is that there are possibilities of errors because the document filing and computations are, needless to say, done manually. Hence, there are chances that you’ll pay for extra fees. But with outsourced and advance payroll services, everything is always updated so there will be less to zero chances of having errors. Meaning, you could also avoid hefty fines. Moreover, such services allow business owners to choose whichever method of payroll transmitting hours for every pay period. Via email or any other option, they can offer you tons of advance payroll services to choose from.
When it comes to the amount of money that you’ll have to allot for outsourcing your payroll, you don’t have to worry much. Outsourced payroll services are much cheaper than having an in-bound payroll manager. Depending on your agreement with the payroll company, you’ll only spend $25-$200 a month for their services.
Like hiring an in-house payroll manager, you’ll also get to save time by outsourcing payroll services. However, compared to the former, you won’t need to spend too much training for outsourced payroll service providers. But whether you choose to outsource your payroll or not, you’ll definitely have lighter tasks to do.