Why Every Business Needs A Payroll Outsourcing Company
As the owner of a small business, there is a lot to keep track of. Large companies have entire departments devoted to managing human resources, payroll, shipping, and receiving. But with a small business, it all comes back to you.
Payroll outsourcing companies are a great option to take one of those time-consuming processes off of your plate. There are several benefits to choosing to outsource payroll. Read on to learn what they are!
Experienced and Knowledgeable Professionals
One of the major benefits of outsourcing payroll function is gaining access to a team of knowledgeable professionals.
When you outsource payroll, you won’t have to do it yourself or need an in-house person to manage it. Because payroll outsourcing companies are focused on payroll and payroll only, they are well equipped to stay on top of the latest tax laws and software.
Having things handled by an outside company helps make sure you take advantage of all the tax breaks you should be. It also helps ensure that your filings are being done accurately and correctly. Most payroll companies also have liability agreements that will protect you in the event that you get audited.
Because you don’t have to employ a dedicated payroll person, you can better manage your staff and resources. Training, equipment, check stock, printers, payroll programs, direct deposit fees; the expenses from doing payroll in-house can add up fast!
For a payroll outsourcing company, these costs are just the cost of business. Since they are doing this for a high volume of clients, they are able to pass those savings on to you. Not only that, but they can help make sure you don’t have to pay any IRS penalties for late or incorrect filing. According to the IRS, 40% of small businesses pay over $845 per year in IRS penalties.
And when it’s time for a tech upgrade, switching to new payroll programs, or tax form programs, your not the one fielding those costs.
There are many ways that outsourcing payroll saves your business a lot of time. The time it takes to enter payroll information, run payroll each pay period, keep track of hours, payroll taxes, 401k deductions, and paid time off all add up. Then every year you spend a large amount of time preparing and distributing W2s and 1099s.
You also spend time actually going to the bank, printing checks, or even training someone else to do payroll tasks. Ultimately, none of the time spent on payroll is time spent focused on the core of what your business is about. If you outsource payroll, all your time could be focused more on the goods or services you provide.
Whether using a check stub generator or full-service company, having a payroll outsourcing company can allow for more peace of mind as you have one less thing to worry about every pay period.
Payroll Outsourcing Companies: They’ve Got Your Back!
Payroll outsourcing companies give you the freedom to focus on the core of your business. By hiring one, you can allow them to take the burden of payroll off of your organization and allow you to focus on what your business is all about!
And that’s what’s important, right?
If that sounds good to you, you might also enjoy this article on How to Avoid Burnout as an Entrepreneur!