Five ways small businesses can benefit from outsourcing

We don’t have to tell you that there’s far more to payroll than simply cutting a cheque. Capturing hours worked, ensuring compliance, administering benefits, delivering pay stubs and tax forms… and the list goes on!

While processing payroll is critical, it’s almost certainly not the “why” of your business. And with the turbulence and uncertainty of the past year and a half, business owners are now wearing even more metaphorical hats… but with fewer resources to support them.

In the spirit of helping small business owners like you get back to doing what they love, we’ve compiled five reasons to consider investing in workforce management – to buy yourself time while still saving money in the process. Sounds too good to be true? Hear us out:

1) Spend a little, save a lot!

Whether you’re considering a workforce management solution for payroll, employee time management, HR or all of the above, outsourcing obviously carries a financial cost. But, believe it or not, you can still save money in the process. A time/cost analysis helps businesses gain insights into their specific needs – taking into consideration the time spent calculating payroll each period, preparing and distributing pay statements, preparing and remitting taxes to government agencies, and much more. The administrative tasks within that “job jar” may very well be costing you valuable time that otherwise could be focused on sales, customer service or other areas core to your business.

It’s equally important to explore the options that are out there and determine which would be the best fit long term. The right payroll or HR partner can be an incredible asset and offer the peace of mind Canadian business owners deserve when growing their business. The tools at your fingertips should meet your workforce management needs, from scalability and customer service to compliance and ease-of-use. We also believe that true value should be paired with an affordable price tag.

2) No person should be an island

Owning and running a small business is incredibly rewarding, but the pressure to become a subject matter expert in every area of operations can be a tremendous weight. Outsourcing can allow you to take a breath and share the workload with someone who’s dedicated to helping you succeed… and that means you can say goodbye to having to research and uncover workforce management best practices alone (and sometimes the hard way!).

Canadian businesses can find added value with providers that offer a more personalized service model, where each customer is assigned a knowledgeable contact to whom they can reach out any time they have a question. Outsourcing can mean expert guidance all year round, including through each step of the all-important, but time-consuming, year-end process (and wouldn’t it be great to instead use some of that time to reflect on the past 12 months and goal-set for the year ahead… or even take some time off?!).

3) Simple is the golden rule

The ongoing evolution of available technology means workforce management solutions shouldn’t be complex or difficult to use and maintain. An integrated and automated system with a single database allows you to bid farewell to managing meticulous details, and to welcome simplified administration instead. This creates a truly seamless experience when setting and providing the year’s pay schedule, distributing company documentation to employees, capturing hours worked, and automating direct deposits, pay statements and tax forms. Canadian businesses can conveniently streamline their data-entry workloads by eliminating double entries and the re-keying of info… and save a lot of time in the process.

Setting your business up for success is key when choosing to outsource. Pick a partner that has a stellar and personalized implementation process, with custom options like setting up wage calculations, accruals and dedications that meet your specific needs.

4) Confidence and compliance should go hand-in-hand

Ensuring compliance with federal and provincial payroll legislation and employment standards is a vast and integral component of running a successful business. Choosing to outsource gives small businesses one less thing to watch for in the 24-hour news cycle when there are changes to federal and provincial legislation (which has happened A LOT in the past 18 months!). A good workforce management provider will flag that rates need to be adjusted for your employees based on jurisdiction and also offer current payroll resources and guides. It should also provide insightful year-end reports each pay run, with details on overages or shortages pertaining to Canadian Pension Plan (CPP) or Employment Insurance (EI) remittances.

Speaking of CPP and EI, make sure to choose an outsourcing partner that submits directly to the Canada Revenue Agency (CRA) and Revenu Québec on your behalf. Late remittance penalties can be costly. Your annual fees through a third-party provider may end up being less than one substantial penalty!

Leading providers will also offer options for guidance that extend beyond payroll, giving businesses a hand up in keeping compliant with HR and legal considerations.

5) High tech that doesn’t cause a headache

Rather than having to purchase, install, learn, update and license constantly-evolving software for multiple devices, find a workforce management provider that serves their clients the latest and greatest version every time they log in via a cloud-based system. Not being tethered to a particular computer means a better experience; it also means the freedom to have that experience wherever your day takes you.

Engaging with a third-party provider can also open up possibilities for a wide array of simple, accurate reporting that you don’t even have to build yourself. No more fiddling with Excel, wading through a shoebox of paperwork or trying to decipher a messy notebook. Be careful though; your accountant might just hug you!

Plus, top-rated customer service means you’re not alone! Whether you have a complex question or simply want tips on how to better use an evolving product, you’ll truly appreciate dealing with the same friendly voice and will mutually benefit from a long-term business relationship.

We don’t just talk the talk either. Have a look at our suite of fully-integrated workforce management solutions to see how we can help your Canadian business succeed today (and in the future!): https://www.payworks.ca/payroll-quote.asp.