Whether you hire new employees or retain existing ones, it’s critical that you make sure they’re paid accurately and on time. If there are errors in their automatic payroll deposits or other remuneration, this effects their morale and, ultimately, how they perform for your company. Therefore, it’s critical to handle these calculations precisely.
Plus, employees are clueless as to how you handle the numerous, ever-changing tax codes and payroll regulations involved in running your business. They aren’t concerned with the headaches and pressure you’re under to make sure the information is accurate; they just want to be paid on time and error free. However, these kinds of mistakes can be costly to you and your business.
When you think about growing your company, juggling employee and contractor classifications, W2s, 1099s, and tax deposits and filing deadlines, the task seems overwhelming. Plus, there’s the overtime payments, state unemployment taxes, garnishments and levies, and taxable items that need to be addressed. The level of accuracy and time involved in tracking these is daunting.
What’s the Solution?
Consider employing a payroll service. Because, if you prefer focusing on running/growing your business without distractions related to this very detailed but essential responsibility, here are some advantages to using a reputable payroll service.
Outsourcing your payroll is a time saver. Would you rather focus on growing your business or being bogged down with tracking data that differs with each employee? Ultimately, you need to manage both, but wouldn’t you rather spend time strategizing on new marketing plans or improving workflow efficiencies?
If You’re Not a Payroll Expert…
…then, there’s the difference between hiring experts who do this day-in and day-out and you. The experts can handle your payroll in a fraction of the time it would take you or your employees to configure hours, deductions, sick leave, paid time off, and so much more. It’s like selling your own house versus hiring a realtor. A payroll expert does this routinely and is far more efficient, because that’s what he or she does all day long. It’s their expertise. And, they can do it in less time than you, ultimately saving you money.
How about worrying whether your network is secure enough to handle all this confidential, sensitive information. Would you have to add extra security to assure that your system isn’t hacked?
And, just like when you have an accountant file your taxes at the end of the year, if you’re audited, that accountant stands by you. It’s the same with hiring a payroll professional. It’s their responsibility to keep up-to-date on the latest government tax regulations or accurately filing with your state and the federal government. Then, too, tax regulations are fluid. They’re not set in stone. They change throughout the year. Who in your business has the time to keep up with these ever-changing laws? A payroll firm will guarantee accuracy and compliance. If mistakes occur, they’ll make corrections, while handling the liability for any errors they make.
An added bonus is that some payroll firms offer additional services, such as contract generation, contractor services, labor law compliance, access to health benefits, workers’ compensation payments, and bookkeeping services.
To find the right payroll service, do a little homework. First determine your needs, then match a professional payroll provider to them. And, make sure that payroll provider is flexible enough to customize their services to meet your company’s individual requirements.
