Many business owners are not accounting professionals or have their own payroll training or experience. Payroll can be difficult and confusing for small business owners and the fact that the Revenue Service can impose penalties if not filed correctly makes payroll a little intimidating. For this reason, most small business owners leave payroll to the professionals.
Top 5 reasons to outsource the services
For internal payroll, an accountant has special training in accounting and payroll procedures, so that the accountant gets the payroll right. However, the auditor’s charges can be very high, as one payroll run takes about four hours. Also, if the company pays biweekly or weekly, that amount might double or quadruple.
By outsourcing payroll, one gets all the benefits and accuracy of an accountant in payroll at a fraction of the cost. It’s the best of both worlds. Simple, accurate and inexpensive.
Payroll Services avoids missed payments
So what if one can’t afford an accountant and decides to take care of small business payroll, payments and submissions oneself? Wage laws are complex and constantly changing, making it easy to make mistakes.
Doing one’s own small business payroll may not be as cost-effective as hiring a professional. Payroll outsourcing companies automatically calculate, pay and file small business payroll taxes. No delays, missed payments or submissions due to the automated process.
Payroll outsourcing is easy
Outsourced payroll for small business payroll services is easy to use. Employee setup may take several minutes, but the actual payroll process takes just a few minutes. Simply log into the outsourced payroll service’s secure online portal and enter the hours each employee worked during the pay period. After entering the employee’s working hours, verify the information and click Submit. The payroll work is completed.
Outsourcing Payroll Services Makes Management Easier
Most outsourced payroll processing companies in the USA let one manage one’s payroll while one does the rigorous payroll tax calculations in the background. Outsourcing one’s payroll is a profitable relationship, not only because it allows one to comply with tax laws, but also because it allows one to focus on the business instead of trying to become a payroll expert.
By entering one’s payroll information online, one can manage one’s payslips and avoid double-entry and typos that often occur when calling or faxing payroll information to the account manager. Enter, review and approve. Small business payroll is always in one’s own control.
First Month Free
The best thing about using an outsourced payroll service is that a lot of companies allow their users to try their service for free trial or demo. When one has nothing to lose, why not give outsourcing a try?
The best payroll services for small businesses are adept at handling a variety of tasks that may be associated with check printing, direct deposit, payroll reporting and distribution. Payroll management solutions may incur additional costs, but they certainly offer the added flexibility of allowing one to focus on the more important areas of managing and growing the business.