When you’re running a small business, time is one commodity which is always at a premium. You need to spend yours on efforts that relate directly to growing your business, not in time-consuming back office tasks like HR and payroll. And as you probably know, the demands on your time will only increase as the business continues to grow. This is among the reasons that small business are increasingly learning that it makes sense to outsource tasks that are not a part of your core competencies. Along with accounting and bookkeeping, HR and payroll are among those tasks.
What is Virtual HR and Payroll?
Virtual HR and Payroll is also sometimes referred to as “outsourced” HR and payroll. But don’t get frightened by the use of that term. We’re not talking about shipping your jobs overseas. Rather, we’re talking about taking some of the workload off of your plate, and putting it in the hands of highly qualified professionals. This gets you out of the way, and frees up your valuable time for more important responsibilities. Instead of hiring new staff members to take on this work, a team of skilled pros effectively becomes your virtual HR and payroll department. This gets these tedious tasks off of your plate, and into the hands of pros who specialize in those areas.
Why outsource HR and payroll?
For starters, you don’t have the time to get bogged down in administrative tasks. HR and payroll is not only time-consuming, but it’s also an area in which precision is of the utmost importance. You can’t afford to make costly mistakes in payroll or the related tasks like payroll taxes. If you’re not ready to employ a full HR / payroll department, a virtual solution will get the job done efficiently and accurately, at less cost to you. The team will be completely scalable, expanding as needed when your volume of work increases. And you’ll have access to all of your payroll data “in the cloud”.
What does virtual HR and payroll include?
The first thing you get with a virtual HR and payroll team is the team: a group of highly skilled specialists who are always available to handle the needs of your growing company. They’ll provide you with an end-to-end full service payroll solution, which includes:
- Complete payroll processing
- New hire reporting
- State and Federal filings and tax payments
- W-2 generation
- State employer applications and setup
- Workers Compensation audit reporting
You can also expect a full range of HR services, including such functions as:
- Employee file audits
- Onboarding and offboarding
- Benefits implementation and administration
- Employee relations
- Employee handbook development or updating
- Policy and best-practices development
- Workers Compensation claims management
- SDI and Unemployment claims management
- LOA management
Is Virtual HR and Payroll right for my company?
In most cases, unless you already have an internal HR / payroll department, the answer will be yes.