Running a growing business is filled with what seems like an endless list of administrative tasks. That list, and the amount of time it takes to manage those tasks, increases as fast as your company is growing, if not faster. It’s kind of a paradox: the more business you do, the more responsibilities there are that require spending your time and resources on non-growth-related activities. It’s for this reason that experts advise outsourcing any work that doesn’t produce revenue. Bookkeeping and payroll fall into that category for most companies, so virtual accounting and virtual payroll solutions are becoming more and more popular.
In the first days of your startup, you may have been working on your own, or bringing in a few people on a contract basis to help with some of the work. But once you start to have a full-time staff of employees, paying them becomes a whole different ballgame. In addition to tracking everyone’s salary or hours, there are taxes to be withheld and paid to the appropriate authorities, vacation and sick time to stay on top of, and more. You’ve probably heard that a virtual payroll shop can manage the whole process for you, and that you’ll benefit by saving time and money. But before you pull the trigger on turning it all over to an outside group, you may be wondering how safe your employee’s data will be in someone else’s hands.
It’s a reasonable question. Frankly, it’s a big question these days. You can’t read the news for very long without hearing about another data breach that left people’s personal data exposed. As an employer, you want your company data to be safe, and you certainly don’t want to put your employees at risk.
Fortunately, virtual payroll is not only safe, in all likelihood it’s more secure than managing your payroll in-house. The first improvement is that very little employee data is actually stored in paper files. It’s our preference to have your data transmitted to us digitally, though we understand that’s not always possible or convenient for you. If you do send us paper records, once we’ve entered the data in our systems, we’ll shred the paperwork for you. Once we have all of your data in digital format, it will be stored on servers using the highest available levels of security. We like to call it “bank-grade security”.
When you need to send employee data to us, we’d prefer that you don’t send it by email, and we won’t send information to you as email attachments either. We’ll provide you with the tools you’ll need transmit data back and forth using high-grade encryption, to keep your sensitive data safe from hackers who may be trying to snoop.
If you’re among the many growing businesses that could use some help managing your increasing payroll workload, give us a call. We at KYB would love to set up a free consultation to help you determine whether virtual payroll is the right choice for you.