Payroll management is one of, if not, the most challenging tasks for an employer. This is inextricably linked to the need for payroll accuracy and accountability. As time passes and regulations change, most businesses find it increasingly difficult to manage their own payroll, exposing them to potentially harmful risks. That’s why over 70% of organizations turn to managed payroll services.
As an employer, investing in managed payroll service might be the best decision you can make now, more than ever. Here are 4 (four) main reasons why you should begin using managed payroll service.
1. Time and Cost Efficient
Managed payroll services can help your organization minimize the costs incurred for payroll department equipment. You can reduce costs for payroll employees, payroll applications, training, and other costs that may exist.
Furthermore, since payroll is a never-ending task, managed payroll services allow you and your team to focus more on developing your business without having to spend extra time dealing with payroll matters from time to time.
2. Compliance with Laws and Regulations
Nowadays, it is not always feasible to keep up with all regulations, tax obligations, and payroll provisions on your own. Using a professional managed payroll service also helps your organization to fulfill its compliance with the ever-changing laws and regulations. After all, you don’t want your organization to be caught in violation and punished just for being unaware of changes to payroll requirements.
3. Data Accuracy
Essentially, payroll is a fundamental thing but has a high level of complexity. As an employer, you have to be able to ensure that all calculations are accurate and completed on time. Should you use a managed payroll service, you don’t need to worry because everything related to your organization’s payroll will be handled by professionals with a higher level of accountability.
4. Fraud Prevention
In an organization, it is not impossible that there are a handful of people who try to make profits in an improper way. Starting with exaggerating overtime data, manipulating expenses, and even creating fake employees. The larger your organization, the more difficult it is to detect the risk of fraud.
With the support of a professional managed payroll service, you have minimized the opportunity for fraudulent activity because most of your payroll management will be handled independently. Furthermore, as an early detection of fraudulent activity, these professionals will notify you on a regular basis if there is inconsistent data.
That being said, managed payroll services are unquestionably advantageous to your company. However, how do you choose the best and most reliable payroll service for your company? Not to worry, KAMI Workforce is the solution to all of your payroll issues.
Key features KAMI Workforce offers:
– User-configurable
– Calendar integration
– Additional payments
– Taxes
– Electronic disbursement
– Regulatory Filing
