Many small companies are continuing to look to the outsourcing of basic HR Services in order to reduce operating costs and to help force a company to consolidate and simplify basic employer functions. According to the Society of Human Resource Management, the top four services that are outsourced are the administration of Healthcare, Flexible Spending Accounts, Retirement Benefits and Payroll. Outsourcing of these functions will not only help one to simplify, but it will help a company take advantage of current technology. Business owners are outsourcing to have parity in the market and relief from thinking of the day to day details of these essential but non-revenue generating functions. HR outsourcing becomes beneficial because one can spend more time visiting customers and prospects, and less time focused on non-productive employer responsibilities.
Also, most business owners and controllers don't have time to keep up with constantly changing regulations such as the new hire tax credits or cobra reimbursements, changing withholding rates, and newly mandated government forms. By outsourcing payroll & employee benefits to a company like Total Team Solutions, a small business can take advantage of expertise that was previously available only to big companies.
According to the IRS, 40% of small businesses pay an average penalty of $845 per year for late or incorrect filings. Total Team Solutions provides a tax guarantee, ensuring that customers will incur no penalties because the provider takes responsibility for penalties when they do occur. In many instances, this cost-saving immediately justifies outsourcing payroll