The benefits of virtual HR and payroll

At the beginning of any startup business, it’s common for the owner to take on a plethora of responsibilities. A startup at initial stage doesn’t typically have a big budget, or the business, to hire employees to handle certain responsibilities that come with running a company successfully. Furthermore, if your microbusiness has grown into a small or medium-sized enterprise, these responsibilities may be piling up.
The benefits of virtual HR and payroll

Human resources (HR) and payroll are two major pain points for any business owner who attempts to ‘do it all’. The tasks that come with payroll and HR entail constant attention and can promptly get in the way of you further growing your business. If you need help with payroll and HR but don’t want to hire numerous full time employees, then a virtual human resource and payroll system may be the best option for your business.

What is virtual HR and payroll?

If you want to outsource your HR and payroll needs, then virtual HR and payroll is a simple and effective option for you. Instead of hiring multiple employees in your office, you can have access to a team of dedicated payroll and human resource specialists by using the services of any reputed virtual accounting firm. All the available services will depend on the type of firm you hire, but virtual human resource and payroll often provide exactly the same types of services you would get from a full-time, in-house payroll or HR specialist.

A few services offered by virtual HR:

  • Onboarding and offboarding of employees
  • Administration and implementation benefits
  • Best-practices and policy development
  • File auditing of all employees
  • Handbook development or updating

A few services provided by virtual payroll:

  • New hire reporting
  • Complete payroll processing
  • IRP5 generation
  • Tax filings
  • Tax payments
  • Workers compensation audit reporting

Major benefits of virtual HR and payroll

The main benefit of outsourcing your payroll and HR needs is that you don’t have to go through all the complex processes of hiring full-time employees. Finding the right employee can take time and may also be costly. After finding the right employee, you have various continued costs that go beyond simply paying a salary to employee.

There is also the time necessary for training and managing the additional employees. If you hire a virtual accounting company for your business, you’ll have a team of skilled and dedicated professionals who can provide professional payroll and human resource services without requiring direct management from you.

The continued growth of any business brings with it more responsibilities. There will be times when you must make the decision to delegate specialist tasks, such as payroll and HR, allowing you to spend more time focusing on the other important aspects of your business.

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