December 2, 2022Managed Payroll, Managed Payroll Support, Payroll Support
What are the Benefits of Managed Payroll?
When it comes to protecting payroll continuity, one of the best things you can do for your business is to tap into the expertise, security and reliability of professional managed payroll services for some or all of your payroll functions. A reputable managed payroll service providing full or partial payroll administration coverage should improve efficiency, compliance, accuracy, security, and business continuity plus provide benefits such as expert tax and year-end support. Read on to learn more about why more and more companies are opting to outsource payroll.
Tapping into the experience, knowledge, software system expertise and reliability of a professional, certified payroll team gives you better accuracy, accountability, compliance, security and business continuity. Flexible managed payroll service choices, like we offer at Wise, allow you to have control over the pieces of your payroll you want managed. Our managed services can be customized to your specific needs, empowering your team to do what they do well while the rest of the work is securely covered to create a seamless, efficient, accurate, secure and compliant process.
Enhanced Accuracy and Decreased Risk
There are a number of obstacles that can pop up when it comes to making sure your payroll is accurate.
With varying tax rates, pay scales, and withholdings, it can be tricky to get it just right. Investing in managed payroll services ensures guaranteed accuracy so that your workers get paid correctly every time.
Additionally, contracting with a managed payroll provider can ease some of the compliance risk. Wise consultants are experts in both U.S. and Canada payroll tax, as well as interpreting how new and changing tax laws affect your employee population.
Keeping current with ever-changing federal, state, and local tax regulations is essential–especially for national and multinational businesses. Performing regular audits and staying in compliance avoids costly penalties and wasted time. Wise’s U.S. and Canadian certified payroll consultants can keep you informed and on track to remain fully compliant.
Managing Costs and Time
Wouldn’t it be nice to have the time to tackle that complex human resource project you’ve been needing to implement at your company? Or analyze benefits to brainstorm additional employee incentives? By passing on the time-consuming, tedious chore of payroll processing to a quality managed payroll provider, companies can relieve their team from a significant administrative burden and free up staff to focus on more strategically oriented work.
Another perk is not having to recruit and train new payroll talent when a payroll employee moves on. Managed payroll gives you dedicated support that comes with backup staff, preferably two layers of it, to ensure payroll continuity no matter what happens. Tip: when performing due diligence on hiring a managed payroll company, remember to ask about how many layers of backup they provide to protect your payroll.
Reach Out to the Experts at Wise for Your Managed Payroll Services
Experienced, certified, knowledgeable Wise payroll professionals deliver results for clients. Helping to make your payroll process efficient, accurate, compliant, secure, and fully protected is our business. To learn more about the benefits of outsourcing your payroll function, click here. Or, get in touch with a Wise consultant by contacting us today.
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