At the very beginning of a small business, it is common for the owner to take on a wide array of responsibilities. A start-up business does not typically have the budget, or the business, to hire employees for all the different duties that come with successfully running a company. However, if your start-up has grown into a small or medium sized business, the responsibilities may be piling up. Two major pain points for business owners who attempt to ‘do it all’ are human resources (HR) and payroll. The tasks that come with HR and payroll require constant attention and can quickly get in the way of you further developing and growing your business. If you need help with HR and payroll but do not want to hire multiple fulltime employees, then virtual HR and payroll may be a good choice for your business.
What is virtual HR and payroll?
Virtual HR and payroll is simply a way to outsource your HR and payroll needs. Instead of hiring new employees, you can have access to a team of HR and payroll specialists by using the services of a virtual accounting firm. The available services will depend on the specific firm you hire, but virtual HR and payroll often offer the same services you would get from a fulltime, in-house HR or payroll specialist.
A few of the services offered by virtual HR include:
- Employee onboarding and offboarding
- Benefits implementation and administration
- Policy and best-practices development
- Employee file audits
- Employee handbook development or updating
A few of the services offered by virtual payroll include:
- Complete payroll processing
- New hire reporting
- State and federal filings and tax payments
- W-2 generation
- Workers compensation audit reporting
What are the benefits of virtual HR and payroll?
A major benefit of outsourcing your HR and payroll needs is that you do not have to go through the process of hiring more fulltime employees. Finding the right employee takes time and can cost a significant amount of money. After you find the right employee, you have continued costs that go beyond simply paying a salary. Employer paid insurance, paid time off, and other employee benefits add to the costs of hiring someone fulltime.
In addition to the costs associated with hiring, there is also the increased time required to manage the additional employees. All new employees will require some type of training and ongoing management. If you use a virtual accounting firm, you will have a team of professionals who can provide HR and payroll services without requiring direct management from you or one of your staff. This is a major benefit because it will allow you to spend that time focusing on other aspects of the business.
The continued growth and success of your business is a good thing that comes with increased responsibilities. There will be times throughout the life of your business that you must make the decision to delegate important tasks, such as HR and payroll, which you no longer have time to complete.