If you are a small- to mid-size business, outsourcing your payroll and benefits administration may be the way to go to save money.
When you think about the time and money you spend on payroll and benefits processing, it makes sense to use a payroll provider. For a small company, an in-house payroll department can really burn through money.
Doing benefits and payroll is also time consuming. If you outsource, you can free up those employees for more productive uses.
With a payroll provider, you have a guarantee of accuracy, and if the provider does make an error, the provider will have to make up for any loss.
Also, payroll providers give you more speed and reliability in payroll and benefits processing. With many services, the entire system is electronic, saving additional cost of paper.
Many payroll providers also offer a range of benefit packages. You can get health, dental, vision, disability and life insurance through your payroll service. These services offer competitive rates from well-known insurers. Moreover, they can help you save money by administering the program, handling the entire process from enrollment to deductions.
Through the payroll providers, you can then have your benefits incorporated into your payroll. They will even handle the renewal process.
Through the payroll providers, you can get HMO plans, PPO plans, point of service plans and health savings accounts. This saves you the time and money of doing it within your company.
With a 401(k) retirement plan, they can help your business find a plan to meet your needs, and they can help your business manage your plan better by automating the deduction and providing benefits statements to your employees and the plan administrators.
A payroll provider can administer the entire plan, providing legal documents, preparing tax documents, providing management reports and participant statements, making money and data transfers each pay period, and calculating daily value of all account balances.
Payroll providers can also help with health savings accounts, which can reduce taxable wages, and help add to the tax savings for your employees and your business. The payroll provider can help your business get an account up and running as part of your payroll, make sure you get the proper tax breaks, and even help with direct deposit of the money to employee accounts.
These are just some of the benefit programs payroll providers offer. Others include IRA account services, employee assistance programs, credit union programs, and COBRA compliance, to name a few.
But with all of these programs, payroll providers have the advantage of experience, speed, reliability, and flexibility in administering them, advantages that will save your business money.
Through our Win-Pay division, Winston Resources will assume the responsibility for all of your payroll needs. If you’re a Manhattan-area business, give us a call so that we can help you keep your payroll benefits costs down.