Companies go into business to make money, and hopefully to better the world with their innovative products or services. However, they can quickly come to realize that burdensome administrative tasks, such as payroll management, are eating up more time and money than they had anticipated. All Staff Services Inc. is a staffing company serving Phoenix and Tucson. In addition to finding your company top talent for your employment needs, we offer comprehensive payroll services. Once you consider the following challenges associated with doing payroll, we’re pretty sure you’ll agree with us that outsourcing payroll management is well worth the cost.
4 Challenges of Payroll Management
When you take into account the legal and financial implications, managing payroll can be a complex and cumbersome task. Here are a few challenges facing any business when it comes to payroll processing:
1. Burden on Finance Team
If you don’t have a specific person who handles your payroll, then the responsibility is spread between your HR and accounting teams. Ultimately, this can result in inefficiency, especially when the teams have to stay up-to-date on legal and tax regulations, as well as on other issues.
2. Compliance with Legal Standards
That brings us to the laws imposed on businesses regarding the distribution of their finances. Changes in this kind of legislation happen all the time, making Good Corporate Governance a challenge. When you want to run your business with integrity, entrusting this responsibility to a company that specializes in payroll services is a great idea.
3. Taxation-Related Issues
Similar to compliance with legal standards, tax rules are dynamic and complex. One slip-up in setting up tax withdrawals on your employees’ paychecks, and you may be looking at fines, penalties, and a mountain of additional work.
4. The Use of Automation Still Requires Manual Vetting
You might have already acknowledged the challenges of payroll management within your company, and that’s led you to consider technology as a time and effort-saving option. While payroll automation programs can help cut down on human error, they still require human vetting for accuracy. If the point is to take this responsibility off of your finance team altogether, then choosing a qualified business to manage your payroll processing just makes good cents!
All Staff Services Inc. is a staffing company serving Phoenix and Tucson, and we believe all business should be approached with Passion, Integrity, and Commitment. Passion feeds our need to exceed all expectations and commitments, and integrity demands that our clients, colleagues, and associates all see a consistent level of passion. Commitment allows us to approach every service and solution with integrity. Stay tuned for our next blog, where we’ll take a deeper look at the benefits of outsourcing payroll processing!