Payroll and tax processing can be a burdensome responsibility for any business. They’re detailed, repetitive, and fraught with opportunities for human error. According to the survey by Oasis, a Paychex® Company, it seems those operating in the technology sector are reliant on traditional, manual practices for many payroll activities. Our survey found that as many as 27% still hand-write checks, 35% rely on honor-based employee self-reporting for hours worked, and a further 35% use a payroll system that doesn’t provide reports or has limited reporting availability.
For the 73% of employers who use some type of software to help generate employee wages, 22% operate with a completely paperless environment, 18% use software with a direct deposit option, 17% use fully-software generated, and 16% generate with software that includes both direct deposit and paperless pay stub options.
As a small business owner, consider the following questions:
- How efficient is your payroll administration?
- Is payroll accurate?
- Would you benefit from outsourcing payroll and tax administration?
Perhaps it’s time to work with a Professional Employer Organization (PEO) like Oasis? Working with a PEO like Oasis® can simplify your payroll and tax administration services, resulting in significant cost savings, reduced errors, and increased productivity, as well as access to technological platforms for just-in-time reporting and dashboard metrics.
The Oasis Client Services Website streamlines payroll processing like never before. Whether you select the time sheet entry option, or support for multiple time systems, we can import and post your employee data for review and submittal and make the process painless. Our simple entry sheet allows you to access key pay data quickly and correctly the first time with running totals, alerts, and a payroll preview option. And if you do need to restart a payroll, we offer a quick restart option giving you full control over your batches. Once everything is ready, we offer a one-click approval process to submit and process.
Businesses that work with companies like Oasis:
- Have reported growth of 7% to 9% faster than those who do not use a PEO
- Have employee turnover that is 10% to 14% lower
- Are 50% less likely to go out of business .
8 Steps for Selecting the Right PEO
- Assess your workplace to determine payroll, tax processing, employee benefits, HR and risk management needs.
- Meet the people who will be serving you and make sure the PEO is capable of meeting your goals.
- Ask for references and talk to them.
- Check to ensure the PEO has a demonstrated history of adherence to the industry’s professional performance practices (e.g., responsible financial management, independent audits, etc.)
- Investigate the PEOs’ administrative expertise and competence.
- Clarify how employee benefits will be funded (e.g., are they fully-insured or partially self-funded, who is the third-party administrator and is that carrier authorized to do business in your state?)
- Understand how employee benefits are tailored and if they will fit the needs of your employees.
- Make sure the PEO you are considering meets all state requirements.
Call Oasis today for a no obligation, free consultation at (866) 318-5496 or visit www.OasisAdvantage.com. Or download a complimentary copy of the complete survey results here.