If you’re a business owner or manager, you know that simplifying your business processes can make life a lot easier. That is especially true for something like payroll or benefits management, which can take a substantial amount of your time. There are so many different ways to go about it that you can get lost in a maze of confusion.
At PaydayHCM, we have been guiding employers for nearly 40 years. We have experience simplifying payroll and benefits for all kinds of businesses. All these businesses have had one thing in common - they all recognized the power of simplicity and its connection to saving time and money.
We learned the importance of simplifying business practices long ago and we are skilled at recommending the most efficient systems. We are also experts at helping you understand and fully utilize those systems.
4 Reasons for Choosing a Combined Payroll and Benefits Service
Learn about the advantages of consolidating your payroll and benefits and what to look for when researching and shopping for these types of services.
Get Better Value with Payroll and Benefits Combined
The ROI on outsourcing has proven time and again to save you and your staff from having to manually enter time, reconcile the numbers, and manage the payment of wages and taxes.
Combine that with a benefits broker from the same company who will shop for the best rates, educate your employees, do research on your behalf, and implement payroll changes directly in the system, and you have some powerful time-saving tools.
An all-in-one provider will improve service by keeping closer contact than the average broker throughout the year and will include payroll services. Ideally, you will have designated contacts for each of your needs be it timekeeping, payroll, human resources, or benefits.
Concentrating your resources, rather than dividing up your time and budget across different companies or programs makes it possible to get more value from an all-in-one solution.
Consolidating Your Systems Optimizes Your Time
Without combined benefits management and payroll services, you are likely spending an excessive amount of your time on menial tasks that could be easily automated.
Tasks like chasing down new hires for employment forms, remembering to add or stop payroll deductions, updating employee records, and communicating with multiple carriers are all tasks best handled by an automated system with a supporting service team involved.
If you are managing a business or department such as human resources, you know that your time is best spent interacting with and listening to your team. Besides employee engagement, your other high-priority tasks might include recruiting, career development, and compliance.
Consolidating your systems into a combined management tool for payroll, benefits, HR and more frees you up to fully pursue those high-priority tasks.
Combining Payroll and Benefits Simplifies Your Day-to-day Tasks
In the business world things can add up quickly. We’re not just referring to costs, although that’s true as well. It’s the combination of systems, and personnel (in-house or vendors) that you use to run your business that can quickly get out of hand.
Maybe you have a separate system or personnel, for bookkeeping, one for benefits tracking, another for internal communications, or a CRM program…and you can quickly see how things get complicated and your time disappears faster as you are pulled in different directions.
The great news is that many organizations and individuals have picked up on this need to simplify over the years and have provided solutions. But there are differences in how they have gone about it.
Larger companies, like ADP and Workday, offer some of these combined solutions and they are trusted names in the industry. The rub is that with larger companies you get Customer Service as a department and not necessarily a continuous one-on-one contact. So you may end up with less personalized service.
Smaller companies have stepped in and created a hybrid model using software systems that have already been developed, combined with a hands-on approach to handling customer needs. No matter how good a system is for payroll or anything else, you and your team will have issues at some point. When those issues happen, you will want personalized help and it’s even better when it comes from someone you interact with regularly.
An actual all-in-one service will also have an in-house insurance broker. This broker agency should offer a single primary personal contact for questions or services. These all-in-one solutions also offer options to add services as your budget allows or as you build trust with them.
Why is this important? Because if you want to simplify, you need a true all-in-one solution.
Combined Payroll and Benefits Services Give You Greater Accuracy in Your Operations
Mistakes can be costly. Often, in an honest but misguided attempt to save money, we look for ways to do things ourselves rather than outsourcing them. Many times keeping them in-house can be a great option.
But when it comes to complex issues like payroll and benefits, we recommend finding a system or consultant you can trust, rather than trying to learn it all yourself.
Unfortunately, this is something we see often at Payday. We will get a call from a potential client (usually a very stressed potential client) that will say something like, “We thought we had it handled with Quickbooks. We just need to know if you can get our employees paid by Friday.”
Don’t wait until the plane is going down to get help. Instead, follow your gut. Know when you are in over your head and pull that parachute before it gets ugly. Accuracy saves time and money in the long run by avoiding do-overs.
Start Saving Time and Money with Combined Payroll & Benefits Services
Now that we’ve shared these 4 reasons for choosing a payroll service and insurance broker all in one, you have more knowledge about what a payroll and benefits service should look like, and when you should consider outsourcing. Remember, combining systems will simplify your process. Simplification means greater efficiency, which equates to more time and money saved in the long run.
Want to know more about combined management services? Read the Top 5 Misconceptions About HCM Services.
If you’d like to connect with one of our experts and find out more about our services and whether we might be a good fit for your business, contact us directly.
