You’ve heard outsourcing your human resources can save you money. Plenty of people talk about how it saves time, which saves money, or how it could reduce turnover.

You need the hard numbers. How do you calculate exactly how much you’re going to save with HR outsourcing? Pick up your calculator and start tallying to discover what HR outsourcing could put back in your business’s pocket.

HR Outsourcing Saves Payroll Costs

The first place to look for savings is in payroll administration. By outsourcing your payroll to HR experts, the benefits begin.

The most obvious cost savings is for penalties and fines you may have paid to the CRA. Late payments on payroll remittances cost you money. When you outsource, though, you hand complete responsibility for your tax remittances to the HR team. They, in turn, guarantee on-time payroll and remittances across all provinces.

Certified Payroll Professionals can also save you time in the payroll department. They’re trained to handle everything, including commissions, expenses, and allowances. Even your benefits and retirement savings plans are managed. Their expertise guarantees accurate payroll, which means you aren’t spending time and money fixing mistakes.

Get Help with Time-Intensive HR Tasks

Outsourcing HR should also save you money across the HR department more generally. Where does the saving start?

Begin by calculating how much you could save if someone else handled claims for your business. How many ongoing claims do you have with Worker’s Compensation? How many Ministry of Labour claims occur in an average year?

An HR outsourcing partner can provide you with comprehensive insurance coverage in addition to claims management. Their in-house Certified Human Resource Professionals also offer consultation around employee review, conduct, termination, and lay-off, so you don’t need to worry about being out of step with employment law.

They can also help you draw up employment agreements that encompass all Canadian government policies. No matter where you’re operating, you’ll be following the letter of the law. The same is true of payroll compliance. Finally, they can help you monitor changes to standards and legislation. Tally how much time your team puts into any of those tasks. With the HR outsourcing team, you could reduce that time and the associated costs.

HR Outsourcing Helps the Accounting Team

How else can HR outsourcing save you money? You might be surprised to learn that sending your HR to an expert team may benefit your accounting.

If you’re operating internationally, you could be losing money on the exchange rate. As you send currency between arms of the business, you could also be running up wire transfer fees or other banking costs.

Working with an HR outsourcing provider minimizes these costs and insulates your business from them. The end result is a healthier bottom line.

Your HR provider may also be able to help you negotiate some of the costs around your accounting as well. Setting up employer accounts in each province can be a time-intensive process. You’ll also have to contend with multiple reporting agencies. Your HR provider streamlines the process, reducing costs.

Save on the Legal Fees

When you enter a global market, you might not be familiar with the regulations that affect you. It’s often wise to get legal advice on employment agreements and tax treatment of your business.

Those legal fees add up. What if you could get the same expertise for a lower cost? You can when you team up with the right HR provider.