Business owners know nothing is more important to a workforce than getting paid on time. However, letting a third party handle regular payroll administration can feel a bit daunting. By helping business owners overcome this anxiety, you can help them boost their efficiency by removing a time-consuming task.
As a trusted advisor, it's helpful to understand and convey the value of payroll administration to your clients. This can enhance your service offerings and contribute to your success. In this post, we’ll explain how to do just that.
We’ll cover:
By the end, you’ll be prepared to answer any questions from your clients, which means you’ll be better positioned to help them grow their business through efficient payroll.
In short, payroll administration is the process of managing a company’s employee payment systems.
Payroll administration involves:
Every business has to deal with payroll. It’s a time-consuming process that only gets more challenging the larger a company grows. Businesses that operate in multiple markets, or who have non-standard employees (e.g., remote workers or workers on flexible schedules), may have even more complex payroll needs.
Most importantly, it’s a process that’s extremely sensitive to errors.
Missed or delayed paychecks can cause major problems for a business’s employees, damaging morale and trust in the organization. Non-compliance with shifting tax laws can result in significant financial penalties. Repeated issues here can affect the long-term health of the company.
Given its importance and the damage that errors can cause, businesses must devote the right amount of time and resources to getting it right the first time. This can be especially taxing to small and medium-sized businesses (SMBs), which already work with less manpower than their larger competitors.
Third-party payroll administration offers a solution.
Managing payroll is often a time-consuming and ongoing task that many businesses struggle with alone. Without substantial time and resources, companies typically need to hire skilled employees to handle payroll consistently each week. Small and medium-sized business (SMB) owners are especially affected by the time and complexity involved.
As a trusted advisor, you can alleviate this burden for your clients by offering payroll administration services. This addition not only enhances your service offerings but also provides valuable support to businesses in need.
Outsourcing payroll administration offers numerous advantages over handling it internally within a business.
Payroll administration can:
As a trusted advisor, helping your clients understand the value of payroll administration services can be the difference between you and your own competitors. However, anytime you’re dealing with a sensitive subject like payroll, you’re bound to encounter some tough questions and legitimate skepticism.
Businesses will rightly have plenty of questions when you raise the subject of payroll administration services. You’re trying to convince them to give up a significant amount of responsibility over the process, which can cause anxiety over who is ultimately responsible for their employee’s paychecks.
When discussing the benefits of payroll administration with clients or members, highlight these key points:
By understanding and effectively communicating these aspects, trusted advisors can help their clients and members make informed decisions about the benefits of payroll administration.
Outsourcing payroll allows your business to leverage the expertise of a team of payroll professionals rather than relying on one individual. You’ll also gain access to advanced payroll technology that streamlines the entire process. This frees up your in-house employees to focus on strategic tasks like growing the business.
Professional payroll services stay updated with wage laws and tax requirements, helping businesses stay compliant, and avoid penalties. A dedicated specialist offers expert support and utilizes a national network for regulatory changes.
Reputable providers use advanced security measures like encrypted transmission and secure storage, complying with strict industry standards. This ensures high-level data protection that might be costly to implement internally.
Managing employee payments accurately, efficiently, and staying up to date on payroll laws is a tiring task for business owners. Outsourcing payroll offers significant benefits, such as fewer errors, assistance with complex regulations, and access to advanced technology and expertise.
Insurance brokers can leverage these advantages to differentiate themselves and offer invaluable support to their clients, and BBSI is the perfect partner to provide this service.
BBSI offers its referral partners access to a reliable payroll administration solution tailored to meet your client's needs. Our teams of dedicated payroll specialists help with accurate payroll processing, freeing up your clients to focus on strategic business growth.
By integrating BBSI’s services, you can enhance value and help your clients confidently navigate the complexities of payroll.
Contact BBSI today to explore how a partnership can drive growth and efficiency for your clients.