To stay profitable, you need to streamline business functions as much as possible. This includes outsourcing the responsibilities that don’t generate revenue or add value to your core business offerings.
Payroll is a great example. According to FundSquire®, for every 25 employees, you’re spending over 100 hours every year managing their payroll. If you’re a larger company with a growing team, it adds up to a lot of money. Add to that, the potential for errors or late government payments when payroll is handled by a non-payroll professional, and the risks – and associated costs – become even greater.
However, a lot of companies are still on the fence about outsourcing their payroll needs. They’re concerned that outside providers either don’t understand their industry or aren’t as accessible as in-house staff.
The truth is that the best managed payroll service providers have practical experience with multiple industries and are highly responsive to calls and emails. They can also make your organization more efficient, compliant, and profitable.
Enter Pendylum. Unlike many managed payroll providers, we offer different service levels to accommodate the unique needs of your business. Depending on your goals, we can take over a few key tasks, such as making payments, or handle all payroll activities for your entire workforce. Whatever your requirements, our team of experts will deliver your payroll accurately, efficiently, and on time – every time.
What Managed Payroll Can Do for You
Improve Payroll Accuracy
Managing payroll requires a high level of accuracy, as the consequences of mistakes can be costly. One U.S. company recently settled a class action lawsuit involving over 700 employees who were underpaid by $18,828 over a five-year period. The settlement amount was a staggering $435,000.
At the same time, it can be difficult to get everything right, due to variations in:
- Pay scales
- Tax rates (especially if you operate in multiple provinces)
- Overtime rules
- Voluntary withholdings
At Pendylum, payroll is our core business. It’s everything we do and we take pride in getting it right, so you don’t have to worry about an unpleasant (and expensive) surprise in the future.
Keeping up with payroll and tax regulations can be challenging due to their complexity and constant changes. While do-it-yourself software providers will maintain up-to-date tax tables, it is up to each organization to configure the correct inputs and calculations based on their unique situations. Unless your back-office team includes an experienced and preferably certified payroll professional, you risk making mistakes that impact the payroll’s accuracy and the company’s compliance.
The payroll professionals at Pendylum ensure full compliance with federal and provincial legislation as well as applicable industry regulations and best practices while helping secure your payroll data from theft and fraud. By analyzing your business, we determine the best way to structure and implement compliant payroll services for your firm, both now and as you expand.
With our managed payroll services, you may even have the ability to reduce your overhead costs by eliminating the need to hire highly skilled payroll employees or invest in training and equipment.
When much of the institutional and process knowledge is centered on one or two people, payroll department turnover is a huge risk. If someone leaves, the potential for mistakes and disruption will be high until their replacement is properly trained. With Pendylum, you gain access to a dedicated team of payroll specialists who understand and recognize your organization’s specific needs and provide effective, ongoing solutions based on payroll best practices.
Provide a Competitive Advantage
Our managed payroll services provide real-time expertise on global compliance requirements, reporting and analytics, as well as transparency and collaboration. HR professionals in organizations that utilize our services can concentrate on the operations that make them stand out from the competition. Your employees can better serve customers or clients and achieve business objectives at the lowest possible cost.
Worry-Free Payroll Starts Here!
There is one recurring issue every company must deal with, regardless of its size, mission, or industry: accurate employee compensation. Nonetheless, we know that running a small business means prioritizing time spent on core activities. To learn more about how our managed payroll services can contribute to your success, call 1-833-Pendylum today!