Managed Payroll Services: How to Use Them For Your Business

Managed Payroll Services: How to Use Them For Your Business Operations

Payroll management is one of the essential yet complex tasks for any business. From ensuring timely payment to staying compliant with tax regulations, payroll management can be overwhelming for businesses, especially for small companies when you run a business with limited resources and tight budgets. This is where managed payroll services come into the picture.

What is a Managed Payroll Service?

A managed payroll service involves outsourcing a third-party vendor to handle the payroll operations and tax compliance on behalf of a business. Instead of managing the payroll operations in-house, a company can delegate payroll management to a vendor and focus more on strategic operations.
 
The third-party service provider will be responsible for setting up the payroll system, collecting employee details, payroll processing, compliance management, and tax filing. PeopleWorX manages workforce management not just as a solution provider but as a strategic partner.
 

Do you know if your company REALLY need a payroll service provider? Learn more here.

Why Businesses Are Turning To Managed Payroll Services:

Businesses turn to managed payroll services for one or more reasons. There is a generalized idea that companies that lack budget or resources outsource payroll services. A recent survey highlights that almost 61% of companies( including large, mid, and small) outsource some or all of their payroll operations. 57% of companies said they must focus more on their core business.
The increase in popularity could be because of:
1. Time-saving efficiency
2.
Reduced risk of errors
3.
 Cost saving
4.
Scalability for growing business
5. Focus on core business operations
6. Accessibility of technology and expertise
Before choosing a managed payroll service provider, know their core values and industry knowledge. Evaluate the technology that they use, as well as their performance, scalability, and adaptability.

How PeopleWorX Can Help You:

Over 1000 businesses trust PeopleWorX for their payroll and HR solutions. We understand that small businesses need efficient, reliable, and affordable payroll solutions.

To learn more, book a demo with our experts.