Published January 2010
A popular way for employers to reduce their paperwork and compliance headaches is to outsource business functions such as bookkeeping and accounting. In fact, 58 percent of American businesses now outsource some of their functions, according to a survey conducted by the Society of Human Resources Management. Among the reasons: it cuts costs, reduces potential errors, and provides expertise the company does not have.
How Do Businesses Gain from Outsourcing?
- Reduce operating costs (58%)
- Better support business by focusing HR on strategic and core capabilities (40%)
- Support business changes (32%)
- Attract, retain and grow talent (28%)
-Hewitt Associates study in 2009.
Companies save money by not having to employ staff members with the experience and education required to handle all of their complex business needs. Employers are also concerned about accuracy and complying with changing laws and regulations. Leveraging the expertise of an outside administrator better ensures compliance to changing regulations.
Mistakes cost time and money and can result in penalties from the IRS and Department of Labor, as well as other federal and state agencies. With the myriad of red tape that most employers have to deal with, it’s not surprising they turn to professionals who specialize in these matters.
An outsourcing study by Hewitt Associates found that:
- 82% of companies indicated they have achieved the expected benefits from outsourcing.
- 62% who identified cost reduction as a primary objective of outsourcing indicated that they met their costs savings objectives.
- 81% rank improving service quality as the top method for measuring the ROI of an outsourcing initiative.
- 34% of companies are more likely to outsource than they were 2 years ago.
BASIC has been serving companies nationwide for the last 20 years.
We handle all of your payroll needs with the highest level of reliable,flexible, and responsive customer service. Our guaranteed payroll conversion process eliminates the headaches involved with tax reporting and filing requirements, direct deposit, garnishment administration, time and attendance and payroll reporting.
We do everything that the payroll factories like ADP do, but with the added advantage of flexibility and personalized service.
To request a proposal for BASIC’s Payroll Service please click on this link or call 888-602-2742 to be put in touch with a local representative.
Improve efficiency and cost control through the integration of BASIC’s other services; including COBRA, FMLA, FSA, HRA, Premium Consolidation, HSA, Parking and Transit Reimbursement, and Dependent Audit Administration.