The Top 10 Benefits of Outsourcing Your NY Restaurant Payroll in 2022
If you’re a restaurant owner in New York City, you’re a busy person. And as a busy person, the last thing you want is to get caught up in tedious, time-consuming work that distracts you from other important aspects of your business. Enter payroll. It’s important. It’s necessary. But is it really worth it to handle it all by yourself? Or even hire an in-house specialist or team to do it for you? This is where outsourcing for your NY restaurant payroll comes to play.
Many restaurant owners have found that the most practical solution for them is to outsource payroll to a reputable third-party vendor. Here are 10 key benefits of doing so:
Why You Should Consider Outsourcing Your NY Restaurant Payroll?
1. You’ll keep costs down
Think about your options for a moment: You can try to do your NY restaurant payroll all on your own. This means you’ll have to learn how it works on your own time – and hope that you don’t make a major mistake when the pen meets the paper. You can also hire an in-house team to handle payroll for you. This means you’ll have to eat the cost of their salary, plus any additional benefits you offer. Or you can partner with an outsourced payroll provider that will do all the work for you, at only a fraction of the total cost.
In purely financial terms, which option makes the most sense to you?
2. You’ll identify opportunities to save money
Unless you have a degree in accounting, you may have missed several cost-saving opportunities in your NY restaurant payroll over the years – opportunities that a professional could quickly spot. An experienced payroll company can often present you with helpful recommendations on how to eliminate unnecessary spending. Thus, saving you money in that respect as well.
3. You’ll save time
If you’re in the foodservice industry, payroll, while important, is not a core function of your business. As a manager, your attention should naturally be focused on enhancing the customer experience – not on crunching numbers in the back room.
Instead of letting payroll eat up large chunks of your weekly schedule, why not outsource it to professionals who are trained to handle it with exceptional accuracy? That way, you’ll be able to spend more time and energy on the things that matter most to your business.
4. You’ll promote a better employee experience
If your NY restaurant payroll isn’t in the hands of experts, then odds are your employees will suffer. Late paydays or inaccurate wages can frustrate any worker, and really hurt those who are living paycheck to paycheck. And if the checks start bouncing, so will your employees.
Here again, an experienced payroll provider may be just what the doctor ordered. An incident-free payroll can play a huge role in employee retention – and even in a successful hiring process. Plus, your employees will be happier in general, knowing that they can count on getting paid the right amount at the right time, week after week.
5. You’ll gain increased data security
How secure is your current payroll system? The reality is, that restaurants tend to be cash-heavy businesses. This means that there are more opportunities for fraud and embezzlement in the food service industry than in many other sectors. In addition, older methods of bookkeeping may be easier to tamper with and manipulate.
When you outsource your payroll to an experienced vendor, you’ll enjoy all the benefits associated with exceptional data security. For example, your payroll provider will have a rigorous process in place to prevent unauthorized parties from accessing your payroll information. And if there is any funny business going on in your restaurant, a professional bookkeeper at the payroll company will likely be able to spot it right away.
6. You’ll have clear, accurate reports at your fingertips
Staying on top of payroll is difficult enough. But what about compiling reports that help you understand the current state of your business? Here again, outsourcing your NY restaurant payroll to a professional firm can help. Their financial experts can provide you with clear payroll reports on a regular basis. They will also make sure you always know exactly where you stand in terms of cash flow.
7. You’ll be able to take care of tax filing more easily
Taxes can be a real chore for anyone, but they are especially onerous for restaurant owners who already have a hectic schedule. And that’s not to mention the stress that can come from fear of non-compliance (e.g., forgetting to pay a certain tax, or misclassifying an employee as an independent contractor, just to name a couple of common issues).
However, with an outsourced provider taking care of your payroll, you won’t have to spend hours and hours of time sifting through the myriad tax laws on the books. You also won’t have to worry about making easily avoidable errors in your tax filings. Instead, you’ll be able to take care of this aspect of payroll with minimum stress and maximum efficiency.
8. Your employees will be able to focus on their core competencies
In many small businesses, one or more employees are charged with handling payroll… in addition to their actual job duties, which are often very different. As you can imagine, having untrained, overworked employees try to take on such a heavy responsibility usually ends in disaster.
If you’ve ever been tempted to hand off your payroll duties to a talented employee, here are two words for you: Just stop. Working with an outsourced provider will ensure that trained professionals are on the job, and will free up your staff to focus on what you pay them to do: deliver an exceptional customer experience every day and night.
9. You won’t have to deal with unnecessary paperwork
Have you ever lost an important document, and spent hours trying to find it? That wasn’t a fun experience, was it?
The fact is, if you try to operate your payroll manually, you could get buried under a mountain of paperwork. And yes, you could easily lose some key documentation. With that in mind, how much better it is to outsource your NY restaurant payroll to an external provider! They can keep your records organized and safe, whether they’re on paper or in the cloud.
10. You’ll enjoy greater peace of mind
At the end of the day, outsourcing your payroll will help you to reduce your stress level. It will be one less thing to worry about and one less area in which you have to make critical decisions on a regular basis. Now that sounds nice, doesn’t it?
If you’d like to explore these 10 key benefits in greater detail, reach out to our team at Premier Payroll Solutions today to start the conversation. We are NYC’s leader in outsourced restaurant payroll services, and would be happy to assist you with all of your payroll needs!