December 1, 2020Managed Payroll, Managed Payroll Support
Flexible Managed Payroll: Smart Outsourcing for Compliance and Continuity
If this tumultuous year has revealed that you need to look at payroll with a closer lens or even outsource some or all payroll functions to a professional team, know that there are options for you—Lorry Twisdale, Wise Consulting’s Director of Managed Services, shares the options to consider, and discusses why so many companies are looking to flexible managed payroll as the dawn of 2021 approaches.
Companies Seek Out Managed Payroll When They Need a Hand
In light of COVID, many companies are now considering the importance of third-party managed services. They’re being more strategic about payroll than ever, trying to stay compliant amid changing legislation, avoid administrative burdens and reflecting on questions such as, is it really best for my company to process all payroll functions in-house?
As Lorry puts it, “Some companies may be experiencing turnover yet again, or no one knows their system well enough. Maybe they’re going through an audit, or experiencing compliance issues.” Especially as we transition into the new year, companies have increased consideration for their payroll processes. “Companies are starting to truly value what the payroll function is,” Lorry says, “and that they do need someone who really has the skillset to support their processes.”
Flexible Managed Payroll Offers an A-La-Carte Menu
It’s true: sometimes the most appealing entrée on the menu includes a side dish you don’t really like, or doesn’t include the garlic mashed potatoes you want. An ideal restaurant will let you order the meal the way you want it, so you don’t pay more to order the potatoes as an extra side dish. Flexible managed payroll does the same thing: you get expert coverage on the functions you need without having to pay for the functions you are managing effectively yourself or that your company just doesn’t need. Flexible managed payroll providers strive to meet clients where they are, getting to understand your unique situation so you end up with the specific support that is most important to your company’s – and employees’ – overall well-being.
As Lorry puts it, “not all of our clients are multi-state, not all have unions, not all have a range of benefits or disability plans. Some clients just need basic payroll support and a team to help them process the functions. They don’t necessarily need additional management and garnishment administration support.” If you know it’s time to outsource all or part of your payroll to a third-party, but are worried about paying for a feature you do not need, know that Wise Consulting’s managed services are customizable to meet your unique needs.
Outsourcing Your Payroll Means Compliance and Prevention
Managed payroll providers help their clients make good business decisions and take measures to help prevent audits that could potentially cost their companies a lot of money. As Lorry states, “A natural outcome of entering into a managed payroll relationship with a third-party is preventative measures. Managed payroll providers are looking at your payroll and your data on a pay-to-pay, or even day-to-day, basis. Not just quarterly, not just annually. We are ensuring we can get in front of any concerns or issues that can have a negative effect on the employer or employees.”
Lorry continues by saying, “We try to position the employers to not have to deal with amendments. We try to position the employees to not have to deal with W-2c forms. We’re looking at the tax implications that are happening now so we can ensure the employer and employees are set by the end of the year.”
Ultimately, managed payroll and compliance are much more than ensuring whether or not the pay that went to the employee was correct, or if the taxes that were withheld were correct. It is also about what’s being recorded on W-2s, whether or not you’ve got your box 12 DD employer-employee health insurance, and whether or not it’s being recorded correctly. With managed payroll, you get compliance management, tax audits, assurance that those W-2s are correct, assistance with critical year-end tasks and much, much more.
Make Payroll Manageable with Wise Consulting
Secure data management, compliance and risk management, payroll continuity…these services are guaranteed and there are many more to select from on the menu when choosing to outsource payroll to Wise Consulting. When you invest in flexible managed services, you get a dedicated, experienced team that can meet you where you are and provide a plan that fits your business’s goals. Learn more about Wise’s Managed Services here, and reach out to Wise for information on how we can support your payroll objectives. Email HCMHelp@wiseconsulting.com, or call 800-654-4550 today.
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