The below is a contributed post from Paychex, a leading provider of integrated human capital management solutions for payroll, benefits, human resources and insurance services, and does not reflect the opinion of anyone at Service Credit Union. To learn more about the business services we offer through partners such as Paychex, click here.
The “new normal” has prompted business leaders to look for ways to boost efficiency. In fact, a recent Paychex survey* found that one-quarter of small and midsized businesses (SMBs) say they plan to increase their use of applications for services such as payroll and benefits.
Additionally, when asked what they would do if they could go back in time before the COVID-19 pandemic, “outsource more functions, like payroll” was one of their top answers. Payroll and HR solutions, ultimately, should be intuitive, easy-to-use solutions that can simplify your day and provide support on your schedule, freeing you to focus on what you do best.
Thirty-nine percent of SMBs reported that they currently do their payroll manually. Even with just a few employees, payroll processing demands a lot of time and attention to detail. When businesses outsource payroll, they have more time to focus on other business priorities. If payroll control is an important factor to you, choose a company that allows you to stay in control. Paychex® allows you to run your payroll your way, you do it yourself or have a dedicated payroll specialist assist you, you decide. Business leaders admit that an outsourced solution would make payroll processing easier, more accurate and more compliant.
Time saved is money saved. Calculating, printing, signing, and distributing payroll each pay period requires a lot of time, as does preparing and remitting payroll taxes and returns to government agencies. When evaluated on a per-payroll-period or a monthly basis, a time/cost analysis may well indicate the benefits of an affordable full-service provider.
Employee crime (identity theft, embezzlement, or tampering with company records for personal gain), data breaches, and vendor security lapses are just some of the risks when it comes to your payroll data. A stable, experienced payroll company can help protect your business and confidential employee data with state-of-the-art security and backup systems on multiple servers.
Compliance with Government Regulations
Government rules and regulations are always changing, and failure to keep up with them can result in audits and penalties. Professional payroll providers stay current with rules, regulations, and changes in tax rates.
Contactless Payment Options
Processing payroll without contact is important in the current environment. Outsourced payroll allows you access to online payroll processing and provide direct deposit, paycards, and other contact-free forms of payroll. You can even distribute tips electronically via direct deposit.
Whether you’re looking to outsource payroll for the first time or thinking about switching payroll providers, finding the right payroll solution can free up time and resources so that you can focus on running your business.
Many business owners just like you are looking to relieve the everyday pressure of running your business by outsourcing payroll or thinking about switching payroll providers. Service Credit Union chooses to partner with Paychex® because they set a high bar with the number of functions offered to SMBs, and the one-to-one service it provides to businesses every step of the way. Paychex® is proud to provide Service Credit Union members the option to work with a dedicated payroll specialist, plus provide support to businesses like yours from highly trained, U.S.-based specialists.
To join the 680,000+ businesses who already rely on the 45 plus years of experience Paychex® has with payroll and HR needs, or to discover more ways Service Credit Union can help support your business, visit us at servicecu.org/bank/business-banking/.
*Paychex® conducted four separate online surveys of 300 principals of U.S.-based businesses with 2 to 500 employees. Wave 1 was fielded April 17-20; Wave 2, April 24-27; Wave 3, May 1-4; Wave 4, May 15-17. Each survey has a +/-5.66% margin of error.
*Paychex® is a third party vendor of Service Credit Union. Services are provided by Paychex® directly and are not provided from your credit union. All inquiries regarding services should be directed to Paychex® directly at 833-299-0168.