No matter what business you’re in, payroll is always one of the biggest concerns. It’s not just your ability to make payroll every month, but it’s about how you rein in the costs associated with payroll as well.
Consider that the Bureau of Labor Statistics found in 2015 that average employee compensation in wages and salary was $22.88 per hour — yet total employee expenditures topped out over $30 per hour. The need to keep up with benefits, taxes, accounting, and providing an infrastructure that makes employee payroll work on a month-to-month basis has caused some companies’ expenses to balloon.
SIB Fixed Cost Reduction has a team of experts that know how to find savings where others won’t. And though your payroll — along the taxes associated with it — may be a fixed cost of doing business, the extra service and maintenance fees you pay to keep your payroll expenses in check don’t have to be.
Experience Matters When It Comes to Payroll
Payroll is tricky business. Not only is it a necessary cost of doing business, but managing and tracking your payroll is essential for tax purposes. There’s a lot of reporting you have to do to the government and it’s not always easy. Many companies “outsource” this work so that they don’t have to deal with it.
Using an outside service provider is usually the best solution, but it can leave your company vulnerable to a number of extraneous expenses, fees, and other issues. SIB Fixed Cost Reduction works by setting our experienced team on these contracts and examining all of them for you. This means that you don’t take on any extra work — you just let the experts handle it.
This is where experience comes in. It might be tempting to look at all of your payroll expenses side-by-side and weigh them carefully, but if you don’t have the experience to see how and what can be changed about these expenses, your efforts could be in vain. Because our experienced team knows where to look for savings, you don’t have to worry about this.
The SIB Fixed Cost Reduction Process
The process is simple:
- Sign an agreement and let us know which categories — including payroll — you want us to review.
- A 20-30 minute “kickoff” call gets the steps in motion.
- SIB collects all relevant invoices as per the agreement. You can upload them, mail to us, or even have us come and collect them ourselves.
- We review all documentation (60-90 days) and present the findings to you on a brief call.
- With your approval, we begin implementing our savings recommendations.
What if we don’t find any savings in our review? Easy: there’s no cost to you. But since we do find savings 98% of the time, we’re willing to bet there’s a good chance we’ll find relevant savings.
This is a low-risk, low-investment, low-everything proposition for companies that need to get a handle on all of their payroll expenses. All it takes is getting the process started; we’ll help you from there. Contact SIB Fixed Cost Reduction and let us know how our experience can suit your individual needs.