As a small business owner, if you’ve ever been responsible for payroll, you certainly know there’s much more to it than writing checks to your employees a couple of times each month. From keeping accurate records to calculating and paying payroll taxes, payroll is filled with a number of responsibilities that, if neglected, could spin your business’s accounting department into a frenzy.
In order for your employees to be paid on time, someone has to maintain bulletproof records and schedules. For years, this person had to be housed in your office, and most likely on the payroll themselves. They had an intimate knowledge of the ins and outs of your business and ensured that everyone was paid the correct amounts and on time. Sure, it worked, but it’s often difficult for businesses to house a full-time employee to handle payroll. Payroll is oftentimes either simple enough that even with other accounting duties it doesn’t justify someone spending 40 hours per week completing it or it’s so complex that this person spends the majority of their workweek trying to unwind the mess they’ve unintentionally made for themselves. Instead of trying to justify whether or not businesses can afford to pay someone to complete payroll in-office, many business owners are simplifying the process by using outsourced payroll services. More than simplicity, business owners are actually saving money, saving time and increasing their payroll efficiency.
Typically, when clients come to us to hand over their payroll, we find out that multiple people in their company were involved in completing payroll. A couple times each month, these people would be tied up with payroll duties instead of completing their daily work tasks. This can drain a company’s performance. By hiring an outsourced payroll service, these employees are free to focus on their primary responsibilities, making your office more productive and saving you money.
The following list shows a number of the time-consuming tasks you’ll be able to free yourself and your employees from once you hire an outsourced payroll service:
Writing and distributing paychecks
Calculating and paying employment taxes
Drafting and distributing W-2s and 1099s
Investigating any and all paycheck inquiries from employees
Once you and your employees can let go of these duties and know they're being handled professionally and carefully, everyone on your team will be able to refocus their time--possibly gaining more business, improving processes and procedures or scratching off items from the company wish-list.
By hiring an outsourced payroll service, you’re giving yourself the peace of mind to know your payroll is being processed carefully, on-time and correctly. If your payroll is giving you unnecessary stress and keeping you from your primary responsibilities, there’s no reason to avoid looking into a virtual / outsourced payroll service. It’s the route more and more ambitious small business owners are taking--effectively saving money, saving time and increasing efficiency.
Want one last reason you should call to hear about our outsourced payroll services immediately? How about this: it’s estimated that one third of small business that handle their own payroll are slapped with penalties upwards of $800 each year due to payroll mistakes or failure to correctly file payroll taxes. Ouch.