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Everything you need to know about virtual HR and its benefits

At the beginning of any startup business, it's common for the owner to take on a plethora of responsibilities. A startup at initial stage doesn't typically have a big budget, or the business, to hire employees and to handle other responsibilities that come while running a company successfully. Furthermore, if your small business has grown into a small or medium sized enterprise, the responsibilities may be piling up.
Everything you need to know about virtual HR and its benefits

Human resources (HR) and payroll are two major pain points for any business owner who attempts to ‘do it all’. The tasks that come with payroll and human resources entail constant attention and can promptly get in the way of you further growing your business. If you need help with payroll and human resources but don’t want to hire numerous full time employees, then a virtual human resource and payroll system may be the best option for your business.

What exactly is virtual HR and payroll?

If you want to outsource your HR and payroll needs, then virtual HR and payroll is a simple and nice option for you. Instead of hiring multiple employees in your office, you can have access to a team of dedicated payroll and human resource specialists by using the services of any reputed virtual accounting firm. All the available services will totally depend on the type of firms you hire, but virtual human resource and payroll often provide exactly the same types of services you would get from a full time, in-house payroll or HR specialist.

A few services offered by virtual HR comprise:
  • Onboarding and off boarding of employee
  • Benefits administration and implementation
  • Best-practices and policy development
  • File auditing of all the employee
  • Handbook development or updating
A few services provided by virtual payroll comprise:
  • New hire reporting
  • Complete payroll processing
  • W-2 generation
  • State and federal filings
  • Tax payments
  • Workers compensation audit reporting
Major benefits of virtual HR and payroll

The main benefit of outsourcing your payroll and human resource needs is that you don’t have to go through all the complex process of hiring full time employees. It’s a fact that finding the right employee takes time and can also cost a big amount. After finding the right employee, you have continued various costs that go beyond simply paying a salary to the employee. Employer paid insurance, paid time off, and many other benefits of the employee add to the costs of hiring a full time employee.

Besides the costs associated with the hiring of an employee, there is also the increased time necessary for managing the additional employees. Additionally, all the new employees will require some type of training. If you hire a virtual accounting company for your business, you’ll have a team of skilled and dedicated professionals who can provide professional payroll and human resource services without requiring direct management from you. This is one of the major benefits, as it’ll allow you to spend that time focusing on several other important aspects of your business.

The continued growth of any business is certainly a good thing which also brings more responsibilities. Throughout the life of your business, there will be times when you must make the decision to delegate various important tasks, such as payroll and human resource, which you no longer have the time to accomplish.

17 Oct 2016 13:53