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 how you rein in the costs associated with payroll as well.
In 2015, the Bureau of Labor Statistics found 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 each month has caused expenses to balloon for many companies.
SIB’s team of fixed cost reduction experts knows how to find savings where others won’t. And while your payroll and 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 expense, but managing and tracking your payroll is essential for tax purposes. There is a great deal of reporting you must do to the government and it’s not always easy. Many companies “outsource” this work so 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 —just sit back and let the experts handle it.
This is where experience comes in. It might be tempting to track all of your payroll expenses side-by-side and weigh them carefully, but if you don’t have the experience to see what changes can and should be made, your efforts could be in vain. Our experienced team knows all the different places to search for savings, saving you the stress of having to go it alone.
The SIB Fixed Cost Reduction Process
The process is simple:
- Once an agreement is signed, you will identify 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 online, drop them in the mailbox, or even have us come and collect them in person.
- We review all documentation (60-90 days) and present our 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? Simple – you don’t pay a dime. Because we find savings for clients 98 percent of the time, we’re quite confident we will find savings for you, too.
For companies looking to get a handle on their payroll expenses, this isn’t a low-risk solution, it’s a no-risk solution. Contact SIB Fixed Cost Reduction and let us know how we can put our experienced team to work for you.