As
per a recent survey by intuit, more than 60% of small businesses do not handle
their own payroll. So, let’s find out why most of them do not consider the
D-I-Y approach for payroll processing!
·
Cost-Saving
46%
of small businesses reported spending between $100-$500/month for using outsourcing payroll services
as it was much lower than spending on in-house payroll staff and
infrastructure.
·
To Avoid Payroll Mistakes
Payroll
mistakes are common, and they cost businesses a lot owing to tax code
complexities and the constant need to keep compliance with updates.
·
To Save Time
As per the Intuit survey, 64% of businesses have no idea of the time it takes to do payroll, and business owners spend almost 5 hours to calculate, file, and pay payroll taxes. Outsourcing helps them save on this precious time and utilize the same for business growth.
The Outsourcing Edge
As per the latest report of market research, it has been observed that the overall worth of outsourcing payroll services on the global front went above 35 billion USD in 2018, and by 2021, it is expected to maintain a solid CAGR of 6%. Businesses witnessed an 18% reduction in the payroll management cost when they chose to outsource.
Do
you want to benefit in the same way as other businesses do by using payroll process services? Hiring payroll process to Cogneesol to get accurate and cost-effective payroll
solutions.
