What A Payroll Company Can Do For You

What A Payroll Company Can Do For You

If you own a small business with fewer than 10 employees and are currently handling your payroll in-house, you may be doing yourself and your business a disservice. At the end of this post, you’ll find a few payroll company recommendations. First, we want to share the benefits to outsourcing payroll and why it might be time for you to consider it.

When you have a payroll company by your side you can:

Use your time more wisely. If you are personally processing payroll for all of your employees, that means that all the time you spend processing payroll is time not being spent in areas of your business (and sometimes even your personal life) that may need your attention more.  Perhaps your time would be better spent generating new sales, hiring new talent or casting a new vision for the company. Or maybe, just maybe, if you let someone else handle payroll, you could free up your schedule enough to make it to your son’s baseball game or your daughter’s piano recital. Time is your most valuable resource and outsourcing your payroll will allow you to spend more of your time doing the things you really need to be doing.

Save money. Ultimately, if you are processing your payroll in-house, you’re paying for it somewhere. Either you are paying someone for the hours it takes to get it done or you’re doing it yourself, meaning you are spending fewer hours each month generating sales. Think of the time spent each month or bi-monthly to calculate payroll, print, sign and distribute checks or pay stubs, generate reports and prepare and pay taxes. By outsourcing, you are able to take all of that off of your plate and focus more on bringing money in. A payroll company should more than pay for itself.

Offer direct deposit. More and more employees and even vendors that you have on retainer want direct deposit. It’s easy and convenient and it saves them a trip to the bank. For business owners, it also eliminates time-consuming and error-prone paper checks. It is difficult for a company to provide direct deposit in-house but a payroll service can easily make that happen, keeping your employees happy which, in turn, keeps you happy!

Avoid technology headaches. Do you have the latest version of your payroll software? Are the tax tables installed on your computer up to date? If not, you could end up paying the price in tax penalties. Outsourcing gets rid of the worry and keeps payroll running smoothly every time.

Avoid IRS penalties. Most national payroll services provide a tax guarantee which ensures that their customers don’t have to pay any penalties because the service provider takes responsibility for any penalties when they do occur. Professional payroll providers are also required to stay up to date on rules, regulations and changes in tax rates so you can count on always being compliant with government regulations. This alone could make it worth outsourcing your payroll.

Security. How safe is your payroll on your internal servers? Online payroll services provide guaranteed security for your and your employees’ information. Along with redundant backup and multiple server locations, a quality provider will have state-of-the-art systems for protecting your data. This is an integral part of the service they provide in order to put your mind at ease.

Professional expertise. Professional payroll providers employ people who know the process inside and out. They specialize in complex payroll taxes and have the knowledge necessary to operate within government regulations.

There are a ton of options out there for services that will do your payroll for you in exchange for a monthly fee. If you use Quickbooks, their Intuit service is a great option that integrates directly with Quickbooks. Outside of that, a few other options are Paychex, OnPay, and Gusto. You can decide which works best for you but ultimately, choosing a payroll service and getting your payroll outsourced could significantly reduce stress and increase your profitability.

{ 1 comment… read it below or add one }

Eden June 29, 2018 at 6:38 am

Thanks for the wonderful manual

Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Get more information 888-5-TAXPLAN | Contact