As a business owner, it’s likely that you wear a variety of different hats. On any given day, you might switch from the owner discussing how you came up with your business idea to a client to the manager on-site for that day, tackling an issue for a customer. The next day, you may find yourself as the HR manager working to resolve a conflict between employees, and after that, you might be a cashier or sales representative filling in for an employee who called out sick. All in all, being a business owner means much more than just being the owner. As such, performing all of these different tasks and overseeing all of these different operations comes with a lot of administrative burden. This can take up large amounts of time and lead to large amounts of stress. Some days, you may find yourself overwhelmed with the amount of work you have to do.
If this is you, don’t worry: you’re not alone. At Payday HCM, we’re very familiar with this situation. We have plenty of clients asking us questions on how they can alleviate some of their administrative burden and what steps they can take to free up some of their time. They are important questions, ones that, when answered, can help you take your business to the next level. Oftentimes, business owners turn to outsourcing for the answer. But what happens when outsourcing isn’t enough or is too expensive? Well, then there’s Managed Payroll.
In this article, we’ll be going over Payday HCM’s Managed Payroll service with one of our HR Business Partners, Nancy Wingo. We’ll go over the kinds of issues you may encounter that would lead you to a service like Managed Payroll, the kinds of things included with Managed Payroll, and more information on the kinds of businesses best suited to this solution. We’ll also touch on how this all-inclusive approach doesn’t have to come at an all-inclusive price. By the end of this article, you’ll have all the information you need to take the next steps and discover how Managed Payroll can transform your business.
In this article, you will learn:
- What is Managed Payroll?
- What Does Managed Payroll Include?
- Managed Payroll: Cost-Effective Solutions For Businesses of All Sizes
What is Managed Payroll?
To start, we’ll break down what Payday’s Managed Payroll service is and the kinds of things the service includes.
The Problems With Traditional Payroll Processing
Payroll is ubiquitous in pretty much every business. Even still, it can come with a set of problems that businesses may not have foreseen. For Wingo, payroll processing isn’t just about payroll processing: it involves things like compliance and increased administrative burden. These things add up quickly and can mean you’re spending more time on payroll than focusing on growing your business.
Onboarding, offboarding, compliance, garnishments, employee verifications—there’s an almost endless list of things that, while we may not traditionally think fall under the umbrella of payroll processing, end up becoming a part of the larger payroll picture. Traditional payroll processing services may not cover the full range of processes involved with running payroll.
Enter: Payday’s Managed Payroll Service
While traditional payroll processing outsourcing can still help to take some of the administrative burden off your plate, this doesn’t mean there still won’t be some processes left over that you may find yourself spending too much time on. This is where Payday’s Managed Payroll service comes in.
“The regulatory compliance piece of your business can be overwhelming for most business owners… When it comes to the payroll processes and all the compliance pieces that come along with payroll [and] tax filings, Payday HCM can help you with all of those pieces and take on that administrative burden under our Managed Payroll service,” Wingo said.
What Does Managed Payroll Include?
Now that we have a clearer understanding of the kinds of problems the Managed Payroll service can help solve, we can dive into the nitty-gritty of what exactly the Managed Payroll service includes.
A Full-Service Approach to Payroll
As we’ve said before, payroll isn’t just payroll. Almost every component of the employee experience affects your organization’s payroll processing. For Wingo, the Managed Payroll service helps to simplify and streamline the payroll process by including these other components that aren’t traditionally offered with payroll processing.
“Payday's Managed Payroll service simplifies your overall processing in terms of payroll [and] HR services. We can take all that burden off your plate, whether it be just assistance with your payroll process or whether it be assistance with your HR needs,” Wingo said. “We can help you through the complete life cycle of your employee and take whatever pieces of that off your plate so you can focus on your core business.”
Managed Payroll: Where HR, Payroll, and Benefits Meet
For business owners, you’ve likely noticed a lot of overlap between your payroll processing and your HR functions—an overlap that typically isn’t covered with traditional payroll outsourcing. Wingo said Payday’s Managed Payroll service is aimed at solving this exact issue, expanding the scope of payroll processing to include things like onboarding, compliance, and other day-to-day functions.
“We can help you with the day-to-day tasks of payroll processing, entering your new hires, entering raises, entering any changes that need to happen day-to-day for your employees. We can help you with the onboarding process with your new employees… Some of the administrative burdens that you come across in your business, things as simple as verifications of employment, garnishments that you receive for your employees. Under the Managed Payroll service, we can handle those services as well for all of your employees,” Wingo said.
Wingo also mentioned how the Managed Payroll service can help you streamline your benefits administration process as well. This includes things like compliance with the Affordable Care Act and COBRA, as well as access to other benefits administration tools and dedicated benefits specialists.
Leveraging Technology to Simplify Your HR and Payroll Functions
Of course, it’s one thing to say you can do all of these things—it’s another to actually do them. With Payday’s Managed Payroll service, we can accomplish the streamlining of all these processes by utilizing the latest in HRIS technology. This gives your business access to the information you need when you need it, according to Wingo.
“The HRIS system that you would also have access to is a good repository to keep all of your employee documents. Not only you, but your employees can access their personnel records, their tax documents,” Wingo said. “It's not only used for the payroll side, but for the HR side to keep anything important related to your employees and their life cycle during the organization, during their time with the organization.”
Managed Payroll: Cost-Effective Solutions For Businesses of All Sizes
With a solid understanding of what Payday’s Managed Payroll service is and the kinds of things it includes, we can dive deeper into the kinds of businesses that would benefit from the service, as well as the costs you can expect.
From Small Business to Large Enterprise, Managed Payroll Can Help
It’s great that our Managed Payroll service includes a whole host of different offerings, but is it designed to help any business of any size? Well, actually, yes: our Managed Payroll service is built to help businesses regardless of size or number of employees.
“Whether you have two employees or 2,000 employees, we can help you manage the complexities of running your business… That can be something as simple as onboarding your employees, offboarding your employees, garnishments for your employees, assisting with the payroll processes, or tax filings for your organization. It's an administrative burden that we're here to assist with and here to back you up in,” Wingo said.
A Full-Service Approach Without the Full-Service Cost
Typically, something this good would come with a pricing structure that is both complicated and expensive. With our Managed Payroll service, though, our goal is to help simplify things, not complicate them. Our Managed Payroll service combines Payday’s people-first approach to business with a business-friendly pricing structure.
“At Payday HCM, we like to offer a different level of service to our clients. We're not a call center. We have personalized service for each of our clients. You have a dedicated service team, not only on the payroll side, but on the HR side as well,” Wingo said. “So, whether you call or email, there's always a team available to assist you with all of your business needs.”
Don’t Get What You Pay For—Get Even More
Running a business is a seriously complicated balancing act. Between actually getting the business off the ground, managing employees, making business decisions, and finding ways to grow and expand your business, you likely find yourself getting stressed and overwhelmed. It can help a great deal to have a team around you that can take off some of that administrative weight, leaving you with more room to explore ways for your business to grow. By working with Payday and choosing our Managed Payroll service, you can be sure that your business will be taken care of from top to bottom, giving you the chance to focus on the things that matter most to you.
Looking for a more comprehensive outsourcing solution without the comprehensive pricing? Our Managed Payroll service enhances our payroll services to offer you a full-service approach without having to pay full-service prices. Learn more about our Managed Payroll service pricing and discover how we can help your business do even more for less
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