Duties like timekeeping, payroll processing, and updating employee information can easily be taken care of by anyone, right? Wrong! A staff without the right tools or expertise is a detriment to your business. Here are 5 ways your company can benefit from partnering with a payroll and HR service provider.
You Have Access to Experts
When it comes to the world of human resources, there’s a lot to keep track of. Between the details of regulatory requirements (like the Affordable Care Act), payroll processing, and documents that range from W2s to annual reviews, it is nearly impossible for one person or even one department to know everything there is to know.
HR and payroll services give your employees access to the latest and most advanced knowledge in their field. Fully customizable interface systems walk employees through even the most complex situations, with a payroll or HR expert just one call away for extra help. Have confidence that the job is getting done right (and efficiently) the first time, instead of leaving it up to chance.
Your Risk Drops
Most companies rely too much on spreadsheets or folders for payroll or human resource documents. Even more troublesome, the information contained in these files is often faxed or emailed to other recipients. This system of information management is a huge liability. Paper documents get lost, spreadsheets get deleted, and human error can result in major compliance violations.
Luckily, an HR and payroll company can offer a safe alternative to these potentially costly mistakes with the use of a cloud-based human resources management system. Software of this nature, like Commonwealth’s iSolved, keeps all employee data—everything from HR to benefits and payroll to timekeeping—in a single, secured space. Only authorized individuals have access and employee’s digital files can be constantly updated with the latest information, minimizing the chance of any data getting lost or forgotten.
You Can Make Profit-Driven Decisions Right Away
Labor costs are one of the biggest influencers in profit margin. Knowing when your employees are clocking in and out, how many hours of overtime they are getting paid, and how often they call in sick is essential to your overall financial picture.
As part of time collection, payroll, and HR solutions, you will be able to perform job-costing analysis, overtime and compliance tracking, and manage salary rates for employees across multiple locations. Rather than waiting for quarterly budgets to see how business practices are impacting your bottom line, you can make changes immediately.
Customized Tools Work for Your Business
No two businesses are exactly the same, so why are you trying to run your payroll and human resource practices just like everybody else? Did you know that the payroll and HR needs of your business can drastically vary depending on many factors, including how tech-savvy your workforce is or whether you have variable hour employees?
Professional payroll and HR companies know this and can use this information to develop fully customizable business solutions just for you. Whether you need user-friendly technology features or just need to hire licensed staff with specialized backgrounds, the right experts will get to know who your company is now, and where you want it to go in the future.
Centralized Information Improves Workflow
Having one cloud-based interface for your HR needs saves time and money. Instead of waiting around for employee information to travel from department to department for updates, information can be added, deleted, or edited all at once.
You can even let your staff take charge. Many HR management systems let employees access their own dashboard where they can see timekeeping and benefits information, as well as update their personal records. This means your human resources staff spends less time on administrative data entry and more time helping your company run.
When you work with a payroll and HR service, you set your company up for success. With fewer mistakes, access to expert advice and efficient tools, you will be a step ahead of every other player still relying on spreadsheets, outdated payroll procedures, and other archaic business practices.
Do not make the mistake of thinking just anybody can handle the overwhelming amount of responsibility in this field. If you are in the New England area, call Commonwealth Payroll & HR today at 877-245-1159 to find the right HR outsourcing solution for you.
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