Payroll is one of the most time-consuming and error-prone administrative tasks small businesses face. If you struggle to control payroll-related issues, outsourcing them to a payroll company could be highly beneficial.
A reliable Arkansas small business payroll company can take over payroll administration and give your team sufficient time to focus on core functions. With a payroll service provider on your side, you have complete control of payroll without the burden of time-consuming and manual administrative tasks.
Benefits of Partnering with a Payroll Company
Small business owners spend up to 10 hours per month processing payroll. This can significantly impact their company’s operation, keeping experts away from priority tasks. Working with a payroll company can:
- Cut costs: From recruitment and hiring to onboarding and retention, hiring and supporting a payroll expert is expensive. By partnering with a payroll company, you can get the job done for a fraction of that price.
- Increase employee satisfaction: Small companies rarely have the resources to hire a full-size HR team, so they delegate payroll to employees without sufficient experience. By partnering with a payroll service provider, you can avoid unnecessary delegation and improve employee satisfaction rates.
- Reduce payroll fraud: In-house payroll processing increases the chances of payroll fraud, which includes pay rate falsification, sick leave fraud, and timesheet fraud. By partnering with a payroll provider, you remove the direct communication channel between dishonest employees and payroll experts.
- Improve payroll compliance: Staying on top of the ever-changing local and federal payroll laws is complicated, especially if you don’t have enough people in your HR department. Payroll companies have experts who follow the latest laws and regulations and keep your business fully compliant.
- Increase payroll accuracy: Over 50% of American workers experience paycheck issues because overwhelmed HR employees make unfortunate errors. A reliable payroll service provider ensures payroll accuracy and prevents severe penalties.
When partnering with a payroll service company, you gain access to a team of payroll experts who have experience in your industry.
Services Provided by a Small Business Payroll Company
Payroll companies provide services that streamline your payroll processing. These services include:
The payroll company calculates payroll, processes checks, and handles direct deposit options. It ensures all automatic deductions, including child support payments and 401(k) contributions, are done accurately.
The payroll service provider also generates regular custom reports to help you gain insight into your company’s HR.
The payroll service company calculates payroll taxes. It also stays on top of the latest state and federal tax laws changes to ensure accurate filing. This can help you avoid late fees and unexpected IRS problems.
Time and Attendance
Payroll companies monitor your employees’ time and attendance. They use tracking software to eliminate manual and error-prone monitoring. This contributes to accurate payroll calculation and administration while ensuring compliance.
These time and attendance solutions also track time-off requests, approvals, and vacations, making it easier to help control costs and enhance productivity. Meanwhile, they generate valuable reports that power your HR decision-making.
Payroll companies help you integrate benefits, and 401(k) plans into the payroll. You no longer have to worry about inaccurate 401(k) administration.
Payroll compliance is a complex process that requires regular monitoring of the ever-changing state and federal laws. The payroll service provider takes care of the current compliance issues and makes sure that payroll calculation and administration comply with the latest changes.
Advanced Payroll Services with a PEO
One of the most time-consuming and complicated HR tasks is payroll taxes. While a payroll company can calculate payroll taxes, it usually can’t file them for you.
If you need assistance with filing taxes, you may want to consider working with a PEO (Professional Employer Organization). When you partner with a PEO, you enter a co-employment relationship that allows the company to file payroll taxes on your behalf and share liability.
Do You Need a Payroll Company?
Many small businesses try to cut costs by doing all the payroll work in-house. While it may be a cost-saving tactic, such an approach could lead to unexpected expenses, IRS fines, and even lawsuits.
You need a payroll company if you:
- Don’t have an employee dedicated to payroll matters
- Want to avoid hiring extra employees since recruitment is complex and expensive
- Are worried about the accuracy of your payroll calculations
- Have already faced penalties due to payroll issues
- Don’t have high-quality payroll software since it’s too expensive
- Would like employees to have access to top-notch employee self-service portals
- Are looking for robust insights into your company’s operations and employee management
Overall, a small business payroll company can become an excellent addition to your internal HR team. You can have peace of mind about payroll calculation, administration, and compliance by outsourcing payroll to professionals.
How NetPEO Works
The majority of small businesses struggle with payroll tasks. However, not all of them understand which solutions they need. NetPEO starts by evaluating your company’s HR needs and offering the most effective option.
Some businesses may benefit from working with a payroll service provider. Others may consider partnering with ASO (Administrative Service Organization) or a PEO.
Once we evaluate your business and HR needs, our experts can find the best outsourcing solution for your requirements. We choose several candidates from the existing list of highly qualified payroll companies in Arkansas and offer you an opportunity to vet them personally.
Find a Reliable Arkansas Small Business Payroll Company Today
Choosing a reliable payroll company in Arkansas isn’t easy. With hundreds of offers on the market, it may take weeks to consider all the options. At NetPEO, we do the most challenging part for you. By trusting our opinion, you can cut the search time in half and find a perfect match in no time.
If you are looking for a payroll service provider, set up a free consultation at any convenient time.