Part of what makes a small government contractor successful is knowing who you can turn to for expertise beyond what you can do for yourself. To further the discussion on the importance of outsourcing specific portions of your work so that you can concentrate on what you do best, I asked questions of my partner in a leading payroll and tax filing company, GovCon Pay, who specifically service our industry.
We chatted to uncover some important tips and best practices with regard to this portion of your operations. Likely, payroll is the biggest expense to your bottom line every month, and one of, if not, the most important. Having accurate calculations and reporting is essential, and for a nominal fee can save the headache and heartache of consequences in doing something wrong.
Knowing when to outsource to a payroll provider
Payroll is likely your biggest expense, and being that the practice of paying your employees is not a revenue generating activity, but a necessity, should make it easier to unload the duties to an expert. Growing your business is taking up all of your time and if your time is valuable, which it is, then finding trustworthy partners is key. Further indicators that a provider is needed are reasons like: you have employees in other states thus different tax obligations. And, as you build your business you will undoubtedly have a need for stronger Human Resources functionality, and the ability to streamline the on-boarding process for your growing team will become a priority as well. All of the above can be accomplished with a reputable payroll resource. Growing government contractors that have expanding compliance requirements and are looking to drive efficiencies and employee engagement will see the benefit in a service.
Growth mode as an indicator
Expanding your team requires a lot of time and effort both in choosing the right people for your work and the right fit for your company’s culture, and staying compliant with HR regulations. If you are busy growing your business, you don’t have time to be a recruiter/HR administrator/payroll processor/benefit administrator.
Having a turnkey option can play a healthy role in streamlining your processes and procedures for taking your business to the next level. Reliable payroll providers that understand government contracting will take the weight off your shoulders and allow you to focus on what you do best.
Staying compliant across state lines with employees working in multiple states can be tricky. Items for reporting like:
- OFCCP compliance,
- EEO compliance,
- Vets-4212 report compliance,
- tracking skills and certifications to support bid & capture strategies,
- tracking historical applicants and effectiveness of job boards,
- the ability to unify payroll & HR with DCAA Time/ERP, and
- over 300 standard payroll, HR and benefits reports and a custom report writing tool can be accessed with GovConPay.
Why worry about what you don’t know when you can have a service provider offer you a safety net for all of these requirements and more!
Don’t hesitate to outsource for support
You don’t have to go it alone!! We are grateful for our network of industry experts who offer their skills to assist our clients and constituents! GovConPay will honor a 10% discount to our audience if you mention this blog and sign up with their services before January 1, 2022! Reach out to Amy Yendall at ayendall@govconpay.com for more information!