With companies on tighter budgets these days, employees are carrying more of a workload than they ever have before. This makes it essential for business owners to explore any potential options that can help them save money while avoiding overworking their staff.
One of the methods that business owners can use to save time and money is outsourcing. Outsourcing can be done on a small or large scale depending on the company's specific needs. An individual or company, such as Med Pay HR, can assist the business and take over some of their daily activities for less time and money than it would take them to do in-house.
Since not everyone is familiar with outsourcing, it is important to review three key ways that a company can save money by implementing it within their business. One way that outsourcing can save a company money is through reducing the amount of time that staff spends on performing the task themselves. Tasks such as payroll and HR functions can be outsourced so that the in-house staff can focus more on the tasks that they are specifically trained to do. This improves their efficiency, which improves how a business is run and eventually the profitability of the company is improved as well.
Another way that outsourcing saves a business money is through reducing rates and expenses. Since tasks that are outsourced usually take less time to perform than it would to do them in-house, a business will save money in salary and overtime expenses. Outsourcing may also provide an opportunity to receive reduced rates on services. The outsourcing company may have access to better rates on items such as insurance or taxes due to the amount of clients they have. This can result in significant savings for businesses who are small or don't have expertise in specific areas.
Outsourcing can also help to prevent costly errors. For example, all employers are required to have I-9 forms on all employees they hire. Failure to have these forms or filling them out incorrectly could result in fines starting at $110 per form! If you have enough mistakes, Immigrations and Customs Enforcement (ICE) can fine you up to thousands of dollars. By outsourcing this task to a company who has personnel specifically trained in HR, you could avoid such a costly error and be in compliance.
As you can see, outsourcing some or all of your company's administrative tasks can be very beneficial to your staff as well as your bottom line. Take the time to evaluate your staff and see where time is spent most on tasks that could be outsourced. You will notice a significant difference in your expenses and the amount of time your staff can help customers with their needs, which will eventually translate into increased sales.
Layne Davlin
P.S. If you would like to know more about how outsourcing with MedPay HR can help you save money on payroll and HR functions, please
contact me for a free consultation.
