The Real Value of a Payroll Provider

Let's face it—handling payroll isn't the most exciting part of running a business, but it's absolutely essential.

Between calculating hours, managing deductions, and staying up-to-date with tax regulations, payroll can quickly become a time-consuming headache. If you're an insurance broker, CPA, or trusted advisor, you've probably seen your clients struggle with these challenges firsthand.

That's where payroll providers come into play. They don't just cut checks; they offer a suite of services that can streamline operations and free up valuable time for businesses to focus on growth.

In this blog, we'll explore the real value of a payroll provider and how partnering with one like BBSI can benefit both you and your clients.

The Core Benefits of Using a Payroll Provider

A streamlined and stress-free payroll process is the primary benefit of choosing a payroll provider like a PEO.

Your small business clients have a lot on their plate by default. If they’re still handling payroll manually, they lose valuable time every pay period. Not only that, but they’re putting themselves at higher risk of errors, which can cause significant legal problems and destroy employee morale.

How a Payroll Provider Streamlines Payroll Processes

A payroll provider solves these problems by making three major improvements:

• Automated Calculations: Manual calculations are not only time-consuming but also prone to errors. Payroll providers use advanced software to automate calculations for wages, taxes, and deductions.
• Guaranteed Timeliness and Accuracy: Ensuring that employees are paid correctly and on time boosts morale and trust within the company. The same systems that streamline calculations guarantee punctual payments.
• Elimination of Administrative Burdens: Outsourcing payroll allows business owners and HR teams to focus on strategic initiatives rather than getting bogged down with routine tasks.

By automating processes and assuming those painful administrative burdens, payroll providers help businesses save time and reduce the risk of costly mistakes.

Payroll Providers also Help Reduce Compliance Risks

Reduced compliance risks are a less obvious benefit that your clients can gain by using a payroll provider.

Think about it: your SMB clients are already spending many hours every week calculating payroll and making sure checks go out on time. Can they really afford to spend even more time scanning the regulatory landscape, looking out for ever-changing laws and regulations?

PEO clients gain peace of mind when it comes to compliance risks. That’s because, as a payroll provider, they’re dedicated to:

• Keeping Track of Changing Regulations: Tax regulations change frequently at federal, state, and local levels. Payroll providers make it their business to make sure every single one of their clients stay current with these changes.
• Minimizing Errors: The automated systems payroll providers use minimize mistakes in calculating payroll and tax filings.
• Avoiding Penalties and Audits: Legal penalties and fines are problems enough on their own, but compliance also matters to a company’s reputation. Payroll providers help safeguard against legal issues that can damage public image and long-term relationships.

Simplifying payroll processes and minimizing compliance risks are the chief benefits of using a payroll provider. However, as a trusted advisor, you can help push your clients to the next level by choosing PEOs who can add even more value.

How PEOs like BBSI Add Value on Top of Payroll Services

The best payroll providers don’t just limit themselves to payroll. They see the challenges that SMB owners face with everything from HR to technology and use their time and expertise to generate smart solutions that help businesses grow.

For example:

Expert Human Resource Support

Learning to lead a team to greatness is a challenge every SMB owner faces. Managing relationships, making strategic choices, solving problems, and staying focused on the bigger picture leaves little time for critical HR tasks. But that doesn’t mean they can be ignored.

When you recommend your clients choose a PEO that offers HR support, you’re getting them access to the HR expertise they may be sorely lacking.

PEOs can:

• Develop HR documentation, such as handbooks and policies, that concretizes job descriptions and performance goals and ensures compliance.
• Establish strategies for workforce planning and retention that attract the right candidates and ensure that those employees stay satisfied and productive.
• Use insights from their wide-ranging expertise to ensure SMBs follow best practices for their industries and locales.

Services like these help turn weaknesses, such as a lack of a dedicated HR team, into strengths that clear the path to growth.

Enhancing Health Benefits

Offering competitive health benefits is essential for SMBs looking to attract and retain top talent. However, navigating the complexities of health insurance can be overwhelming for business owners already wearing multiple hats.

When you guide your clients toward a PEO specializing in health benefits, you connect them with resources that can elevate their employee offerings without adding undue stress.

When it comes to health benefits, PEOs can provide access to:

• Competitive rates
• Simplified plan management
• Regulatory compliance
• Employee education

By leveraging a PEO's expertise in managing health benefits, SMBs can offer robust benefits packages that rival those of larger corporations, enhancing their competitiveness in the job market.

Stress-Free Worker’s Compensation

Worker’s compensation is just one more example of a complex, time-consuming, but unavoidable aspect of running a business. Mistakes in this area can lead to significant financial losses and legal issues for SMBs.

PEOs like BBSI offer specialized support to navigate these challenges effectively. Those include:

• Risk Assessment and Safety Programs: Thorough evaluations of workplace hazards and customized safety programs prevent injuries before they occur.
• Efficient Claims Management: Streamlining the reporting and management of claims ensures timely communication and reduces the likelihood of disputes or fraud.
• Cost Containment Strategies: Utilizing buying power and expertise to negotiate better rates on insurance premiums while implementing practices that reduce overall claim costs.

When SMBs work with PEOs, they reduce their administrative burden, lower costs, and create a safer work environment, all of which contribute to a healthier bottom line.

Trusted Advisors, CPAs, and Brokers Win When they Partner with Payroll Providers like BBSI

Your primary goal is to provide solutions that drive your clients' success. Partnering with a payroll provider enables you to expand your service portfolio, enhance client relationships, and access specialized expertise for services like HR and health benefits administration that might otherwise fall beyond your purview.

When you’re able to introduce reliable payroll services that come with must-have value-added services, you position yourself as a go-to resource for their business needs. That means mutual growth through:

Shared Success Stories

As your clients thrive with improved payroll and other processes, your reputation as a valuable advisor grows.

Resource Sharing

Benefit from BBSI's training materials, industry insights, and marketing support to enhance your own services.

Networking Events

Participate in joint events and webinars to expand your professional network and generate new leads.

This partnership model creates a win-win-win scenario, fostering growth for you, your clients, and BBSI.

Pave the road towards mutual growth. Find your local BBSI representative and become a BBSI partner today.