It is said that the definition of insanity is “doing the same thing over and over again and expecting a different outcome”. A vast majority of businesses embrace insanity because they keep doing things in-house because that’s the way it has always been done. The bottom line is that choosing this pattern causes disruption to your organization while wasting valuable resources of time, money and energy. Outsourcing allows you the freedom to concentrate on growing your business and devoting your time to other company responsibilities. By letting someone else do the things you don’t know how to do, or don’t want to do, can be one of the smartest decision you make.
Why Can You Expect to Save Time?
The old saying “you have to spend money to make money” applies to many aspects of your organization where your don’t have the necessary resources. It absolutely applies to Form 5500 Preparation and ERISA Consulting. Not many business owners got into business to spend an exorbitant amount of time administering the Retirement and Health and Welfare Plans. They got into business because they had a passion, and odds are that passion was not to understand the complex regulations governing plans covered by ERISA. By assessing your options and focusing on core activities, you can begin to cut costs and take a streamlined approach to the reporting process and your filing requirements. You can save money immediately because a well-trained professional will get more done in less time. Being dedicated to a task while having the best tools, processes and practices, inevitably leads to activities being accomplished faster. Ultimately, these inherent advantages save time, and in turn also save money.
Why Can You Expect to Save Money?
Time is not the only limited commodity that most of us have – money is the other. When does it actually pay to spend money on outside help or expertise? When you can’t be the expert in everything and mistakes could be costly. This is one of the primary reasons businesses decide to outsource. It allows the business to get the work done for a fraction of the price. Outsourcing prevents a company from investing time and energy that is needed for more important functions. The foundation of outsourcing is based on the principle that you only buy what you need. Outsourcing provides access to highly capable talent at a reasonable cost because one company’s needs are being pooled with other companies to create the resource pool they need. The savings over in-house solutions can be substantial. Outsourcing your Form 5500 Preparation and complying with ERISA limits the risk of improper filings or non-filings and stay current to avoid unwanted penalties.
Why Can You Expect to Be Less Stressed?
Outsourcing involves relieving a shortage of a critical resource. If you do not have employees available that possess the necessary knowledge, the seasonal demand of the Form 5500 filing puts unnecessary stress on the resources of the company. Stress is the number one cause of fatigue that is known to interfere with company personnel’s ability to concentrate on the job at hand. This results in an overwhelming back-load of tasks that the staff was originally hired to do. Outsourced service providers are solely focused on completing the tasks that they are assigned. With the application of best practices, we work smarter, while technology allows us to streamline our activities.