March 30, 2021Flexible Managed Payroll
Flexible Managed Payroll: Selecting the Services that Fit Your Needs
Managed Payroll is a service that companies of all sizes leverage to more effectively manage components of their payroll processes by outsourcing them to a third-party team of professional payroll experts. While many companies could use a hand when it comes to processing payroll, it is critical to engage with a provider that offers the specific services that will best support your unique requirements. Read on for an overview of why managed payroll is more in-demand now, how it can help your business, and, most importantly, how it can be tailored to serve your unique and specific needs.
Businesses are increasingly turning to managed payroll because a) COVID relief legislation has made payroll more complex than ever, and b) it gives businesses a whole team of experts on the job no matter the size of their in-house payroll department. There are definite advantages to outsourcing payroll to professional payroll teams, including increased PII data security and an eagle eye on compliance issues. But one of the most common reasons to outsource is because, incredibly, in today’s competitive climate, HCM teams have more important things to do.
Managed Payroll Frees Up Your Talent to Perform Other Important Tasks
Outsourcing some, or all, of the payroll function frees up time for team members to pursue other initiatives and even move into the role of strategic advisor rather than process manager. With many companies having transitioned where and when they do business during the pandemic, and increasingly complex and changing COVID tax issues to keep on top of, organizations are running out of patience with payroll. By necessity, more attention is being poured into producing custom reports, analyzing data, creating effective dashboards, and revamping the employee experience with virtual-friendly recruiting and onboarding experiences and convenient self-service features.
Outsourcing Can Protect Your Payroll Continuity
Managed payroll services can shield your organization from various situations in which one payroll team member who holds key knowledge departs without warning. Since the pandemic began, the Wise team has been responding to client payroll emergencies requiring short to long-term temporary full payroll support. For organizations with undocumented processes, this is a scary situation to face when they don’t have a Wise team to jump in and provide immediate support. When payroll is partially or completely outsourced, one of the benefits is that the company entrusted with your payroll thoroughly documents processes and evaluates levels of compliance, working to increase accuracy, efficiency, security and mitigate risk. They also create checklists, document processes and cross-train to enable replacement of team members when necessary without missing a beat.
COVID is Driving Demand for Payroll Outsourcing
One of the most substantial benefits of outsourcing payroll to a professional team is that it is their job to stay 100% on top of the new COVID act legislation as it gets signed into law. They understand how to track and claim credits, how to configure HCM systems to handle new rules, and how to navigate complex new year-end issues. It is their responsibility to understand that the shifting remote workforce has created new tax issues, and help clients stay compliant while navigating the new landscape. Wise Consulting has a COVID-19 Task Force that meets weekly to discuss new federal and state tax developments. Our COVID team even created a 941 Tracking Assistant tool which they modify with the changing regulations in real-time to ensure clients are claiming COVID tax credits without going over limits and to ensure Form 941s are accurate. It is simply easier for a large team of experienced payroll professionals to stay current – and save their clients money – amidst all the change.
Not All Managed Payroll Services are Created Equal
Payroll outsourcing often covers the full range of payroll management, processing and administrative tasks for a company, regardless of whether the company’s team needs all of that support. This means that the company might end up paying for more services than truly makes sense for them. Many organizations might only want help with garnishment administration, quarterly and annual reconciliation, tax filing, and year-end issues. Others might want full-cycle payroll administration without the garnishment administration support. Wise is unique in offering a Flexible Managed Payroll approach that allows the client to decide how much or how little payroll support they want.
Make Your Payroll Manageable with the Help of Wise Consulting
For companies who wish to select from a range of options and build the custom payroll support that works best for them, Wise’s Flexible Managed Payroll service saves both time and money. You can outsource your entire payroll to Wise payroll professionals or select bits and pieces of the pie to move off your plate, depending on your needs. With Wise, you can be assured of accurate and compliant payroll tax support, quarterly and annual reconciliation, tax filing, COVID act credit tracking and compliance support, year-end support, remote worker tax support–and receive the payroll processing administration support you really want. Contact us today to schedule a consultation with a Wise payroll expert.
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