Did you know 40 percent of small business owners say keeping up with their financial books and doing taxes is the hardest part of business? With a regularly changing tax code and ever-increasing financial needs, it’s easy to see why this is the case.
Processing payroll, which is under the bookkeeping docket, is one of the tasks you must execute accurately and on-time. Because it touches on your employees’ welfare, you have no choice but to be at it.
But if you simply don’t have the time or the skills, what should you do?
There’s a solution: outsourced payroll services!
Continue reading to learn how letting the experts handle your payroll will benefit your business.
Increased Efficiency
If you’re a typical small business owner, then you certainly wear several hats. One minute you’re looking at the marketing strategy, the next minute you’re handling a customer complaint. Checking on suppliers and processing payroll also await.
In short, you’ve little time to accomplish every task on your schedule. And when this is the case, your efficiency takes a hit.
Outsourcing your payroll frees up some of your time, so you can efficiently handle other tasks on your plate. Plus, you can rest assured a payroll services provider will process your payroll in an efficient manner. No more employee complaints about delayed salaries.
Reduce Costs
As your business grows, so will its payroll demands.
If you’ve been processing payroll on your own, you have the option of building an in-house payroll department. This involves hiring a payroll manager and perhaps two-three more payroll specialists.
But do you know what an increasing workforce means? Your labor overhead will increase, which is the last thing a small business wants.
The good news is you can save on these costs by embracing outsourced payroll services. The company will only charge you a fraction of what you will spend on having an in-house payroll department.
Stay Compliant with Relevant Laws
Every business with an employee has to comply with various federal and state tax and payroll laws.
Going by the fact that most small business owners already have too many tasks on their hands, it’s unlikely that you’re able to stay abreast of any changes in these laws. You might not even know what laws to comply with in the first place.
Outsourcing to a payroll services company takes the legal guesswork out of your payroll. Your business will remain compliant, thus avoiding potential IRS audits and fines.
Increased Security
When you handle your payroll in-house, there’s a risk of theft or embezzlement. A dishonest employee can easily manipulate your business’ payroll records. And even if you have this base covered, a cyber attack can bring down your digital payroll system.
Why not use outsourced payroll services and put these security concerns behind you? A reputable payroll company won’t steal from you and they no doubt have a stronger cyber defense than you.
Reap the Benefits of Outsourced Payroll Services
As we’ve demonstrated, outsourced payroll services can benefit your small business in multiple ways. From increased payroll efficiency to reduced costs and enhanced payroll security, you don’t want to miss out.
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