How could HR management services improve your business accounting outcomes? Check out these 3 examples.
Wondering if HR management services could make a difference for your business? Let’s face it, business accounting is one of the most time-consuming parts of running a business. It’s why hiring the best possible accounting personnel is so important.
Your accounting department does more than send bills and collect money. They have to process payroll, pay the company’s bills, and create reports all the time. Many accounting departments have to ensure the company is following regulatory guidelines. Therefore, when a business breaks financial laws, even if they didn’t know they did it, the results can be expensive.
Do you think your accounting department could use a hand? Bringing in human resources management services to assist is a smart call. This kind of outsourcing can take a huge load off your accountants’ shoulders. There are several ways to refocus your accounting department on the important tasks.
Here are 3 HR management outsourcing services to help your business accounting processes:
#1: Payroll Services
Payroll is a constant process that requires continuous attention and checking. The process starts by categorizing new employees to make sure they receive the right pay. This means separating independent contractors from regular employees. Separate hourly employees from salaried employees. Personnel may submit direct deposit paperwork if they don’t want paper checks. Once you have this documentation, payroll service enters employees into the software program. He or she checks that the appropriate deductions come out of each pay period. This could include taxes, Social Security, unemployment, retirement, health insurance, and more.
Yes, it’s a lot of data. Entering and tracking it all takes a lot of time. Also, depending on the size of your staff, HR management outsourcing could save you a ton of employee time.
#2: Personnel Records Management
All those documents we mentioned need storage and updates. Personnel records management is a second critical part of HR management. New employees generate a lot of paperwork. When existing employees get married or divorced, they must submit new tax forms. Each year’s health insurance plan updates create adjustments to your withholding schedule. The list goes on and on.
Outsourcing these continuous processes to a specialist will keep your organization in compliance. Finally, your employees’ paperwork will always be in order and their paychecks will be correct.
#3: Compliance Services
Regulatory compliance is a complicated but crucial aspect of your accounting department. Financial laws change all the time. Therefore, keeping track of updates and exceptions requires extreme attention to detail. Fail to stay in compliance, and your organization could face a pile of fines.
Finance experts recommend companies outsource compliance to a third party. This avoids conflicts of interest within your company. Outsourcing to a regulatory expert protects your business by ensuring you don’t miss a single compliance rule.
Incompass Can Help Relieve Your Business Accounting Department
Sacramento-area businesses trust Incompass to help get their accounting departments back on track. Whatever your HR management needs are, Incompass has the right people for the job. Your neighboring companies trust us to process their payroll. We calculate and file taxes for businesses of all sizes.
How can we help your company get on track with expert HR management services? Take control of your business accounting department. Click or call Incompass today at (916) 974-9393.