Managing Payroll correctly in 2022 will help you keep employees - especially during the Great Resignation.
payroll, management, outsourcing, 2022
What would a 2 million dollar settlement with the IRS mean to you? What could go wrong that would even put you in this position?
In 2020, PNC Bank had to pay a 2.75 million dollar settlement when they were ousted by customer service reps who claimed their hours were being cut weekly. The reps also made a claim that they were told by PNC to clock in AFTER they had started their computers and checked emails. The FLSA requires non-exempt employees be compensated for ALL hours worked & that fair policies that follow regulations are in place.
What would this nightmare look like for your company?
Outsourcing your payroll in 2022 might just be the answer to avoid such a pitfall.
What does "outsourced payroll" mean?
When an organization uses a third-party payroll provider to handle admin and compliance tasks related to payroll they are outsourcing their payroll.
The third-party provider will be an independent contractor that will work alongside your company (think: teammate) to ensure that your employees are paid for all hours worked in a timely manner and that your compliance requirements are met.
But why does it benefit you to even consider outsourcing payroll?
Read on to see VEGA's top 3 reasons why you should outsource payroll in 2022.
Reason 1: Employee Optimism
We are currently experiencing what is called the Great Resignation. While there are multiple theories as to why people are leaving their jobs at an all time high, you can be sure that compensation and fairness are at play.
When your employees are happy they are more productive.
How to make your employees so unhappy that they leave? Mess with their money and their time.
Outsourcing payroll means that you have a dedicated person to make SURE that your employees are paid correctly and ON TIME!
"Quality means doing it right when no one is looking." – Henry Ford
Reason 2: Compliance
Remember our friends at PNC Bank? Is a 2+ million dollar settlement (or a settlement of any size) a storm that your company could weather?
But what does compliance even mean for your company? If you have non-exempt employees, you are required to follow the rules that have been set at both the state and federal level with every payroll run. There are payroll taxes to be filed at very specific times in order to stay compliant. Did you know that the IRS has a calendar for small businesses that allows you to stay on track?
An outsourced payroll specialist knows the rules and regulations to make sure your company is compliant and settlements of any size are avoided.
Reason 3: Compliments Growth Strategy
What does your company structure look like in one year? Three years? Five years?
Though we don't know exactly what that looks like for you, we DO know that it isn't doing the same thing year after year. As a business owner, there will be new responsibilities that come with growth that you will have to learn and tackle.
Does your growth strategy call for you (the business owner) manually running payroll every week in 5 years? We doubt it.
Bringing in an outsourced payroll specialist means that YOU have more time to ACTUALLY do what it takes for the business to grow. While you still have the ability to fully approve a run before it is sent, you don't have to do all the leg work.
SIGH OF RELIEF!
What it means for you.
Outsourcing your payroll keeps you compliant, staffed, and in tune with your growth. What this means for you is that you will have the freedom to do more for your business!
VEGA, LLC is a bookkeeping + payroll management firm that is ready to serve you where you are. We handle bookkeeping + payroll because you don't want to.
If outsourcing your payroll in 2022 is something you want to dig into, comment "HELP" below or email us at info@vegabusinesssolutions.com. We will work with you on strategy fit just for you.
Also, check us out on Facebook @vegasolutionsms and on Instagram @vegabusiness_
Comments