Payroll
As we approach the new year, it is the best time for business owners responsible for signing paychecks to evaluate the cost of their Payroll service provider and take an overall look at how they manage this non-revenue generating aspect of their business. Payroll refers to the list of employees businesses are responsible for paying and providing benefits for. It also refers to the systems and processes maintained to actually calculate and distribute wages accordingly. Maintaining a professional and prompt payroll is an integral part of operating a business that employs workers.
Considering the vast number of companies that have changed their business models, staffing levels, environments and forecasts due to COVID-19, there are a number of regulatory and statutory changes that have taken effect or will take effect since the pandemic. Due to the CARES Act, there have been multitudes of additional incentives, loans, time off mandates, and worker’s comp reclassifications thrust onto employers from every aspect of government. Employers should partner with a provider that can offer the comprehensive systems and services necessary to manage all of this effectively. A fresh look at your payroll, HR, and timekeeping systems could likely lower your overall costs and greatly streamline the processes.
Payroll Trends
There has been a consolidation of services around technology platforms that comprehensively manage all of the timekeeping, HR, benefit enrollment, and payroll requirements that businesses must comply with. Managing a remote workforce, which a large portion of business owners have had to adjust to, has taken an unprecedented level of importance in today’s small to medium businesses. These organizations need the ability to track the time worked, time off accrued, benefit changes, enrollment period, and payroll requirements for a workforce that they may not see on a regular basis. Most options for smaller businesses were to add another service such as time and attendance, HR consulting, or benefit enrollment software from additional vendors to solve what appeared to be independent problems. In reality, all of these issues can be solved by more current platforms and companies that marry the legacy service level upon which they were founded to the more current capabilities available in modern apps, software, smart devices and APIs. Before you begin interviewing potential vendors, you should have a strong understanding of what your business is lacking internally. You should look for a payroll service provider who meets all of your needs, from top to bottom.
Stay Current With Your Payroll
More often than not, the person who signed the business up with their payroll service has moved on and there is no longer a working relationship that keeps the costs appropriate for the services required. What once was an inexpensive partnership, could be costing thousands in duplicate efforts, antiquated timekeeping methods, and compliance penalties. Working with BMPG ensures your business has access to innovative and modern employee benefit services that include payroll, compliance regulation, and administration support, so you can focus on your business’ bigger picture. Schedule a free consultation to evaluate your current operations with one of our experts today.