Why you should have outsourced your payroll services yesterday.
If managing payroll has become the bane of your existence, maybe it’s past time you outsourced your payroll services. If you haven’t already, why not? Let’s take a look at how it can make your job easier, and how it just might change your life.
Payroll Outsourcing Saves Time
Think about how much time you spend working out the payroll. Is it weekly? Every other week? If you’re like a lot of business owners, you start to dread it long before it hits every cycle.
Instead of spending so much of your valuable time managing paychecks and salaries and hourly pay and benefits and vacation and taxes, why not direct that energy elsewhere? Take that time to work on your business plan, marketing programs, sales strategies, and product development. Hand your payroll to a team of professionals and get back the time you need to run your business.
Increase the Security of Your Payroll Information
When you have an employee who works on payroll in-house, whether that’s you or someone else, there is the potential for security breaches including data, information, and identity theft. Will you steal from your own business and your own employees? Probably not, but when the information is on site, the potential for fraud rises. Outsourcing reduces or eliminates that risk.
When you divide your focus between too many tasks and keep a to-do list overflowing with items that aren’t necessarily in your area of expertise, the potential for error goes up. Way up. And it doesn’t just affect you, or your bank account, or even your employees. While those things are definitely undesirable, the big picture includes issues with the IRS and your tax filings.
Getting the tax factor right on the paychecks you’re giving your employees has long-reaching implications, especially when done incorrectly. Hiring a payroll services team can reduce mistakes, increase accuracy, help provide your employees the right pay, and ensure the IRS gets the right tax figures.
Taking Advantage of a Team of Experts
If you are not an accountant (and we can assume you are not), then you are not an expert when it comes to your bookkeeping, accounting, financial records management, and payroll. But these make up the backbone of your business. Fail in these areas, and the chances are good your business will also fail.
Hiring a team to manage your payroll, in addition to other aspects of your accounting, is a great way to hire a whole team of experts. They can evaluate your processes, improve upon them, and create a system that allows you to focus on your business while they focus on getting everyone paid. These same experts will help make sure you are compliant with the changing and evolving tax codes and regulations, thus helping you avoid an audit.
Access the Latest Technology
As your business grows, so do your technology needs. This isn’t as simple as whether you provide the benefit of direct deposit to your staff, but is as complex as employee reporting, records, and data keeping. And it’s not just access on a computer. Mobile use has gone up exponentially, and with it the need for better technology for you and your company, for many things, but definitely for payroll. When you outsource your payroll services, you are keeping your fingers on the pulse of the latest tech trends. You can trust a reliable payroll services and accounting team to do that for you.
Don’t spend your time and energy scrambling to manage the payroll process for your business. Call 888-743-3080 for a free consultation to learn how if you outsourced your payroll services, it’ll help your business.