3 Reasons to Outsource Your Company’s PayrollPosted on February 22nd, 2019
Accurate and consistent payroll is essential to any business managing employees, but the payroll process is complex and often tedious. With timecards, taxes, and records to contend with, managing payroll on top of other duties can be time-consuming and stressful.
Fortunately, even small businesses can subvert this by seeking the assistance of an experienced payroll professional. Outsourced payroll offers several positives. Here are three reasons your payroll should be outsourced today.
Time Saved, Operations Improved
Payroll requires immense focus and meticulous attention to detail. Even for professional accountants, it’s a lengthy process. But for the inexperienced, it can turn into a slog. Between inexperience and divided attention, devoting time to learning the payroll process is difficult for business owners and new employees to handle.
With an outsourced payroll system, your payroll is placed in the hands of experts. Not only does this ensure it will be done in a timely and efficient way, but it leaves you and those working for you to put their skills to work in other areas of your business. Fewer distractions means that your business can function better and more competitively, fostering company growth.
While having payroll done in-house may seem like a good way to cut costs, this approach can backfire drastically in the long run. Whether payroll is handled by the business owner or an employee, lack of proper training leaves room for errors, which can result in late or incorrect paychecks and hefty government fines.
By outsourcing your payroll, you ensure that your payroll is complete, accurate, and ready when you need it. You’ll also have a clearer picture of your payroll expenses each month, allowing you to create better financial projections and plan accordingly.
Payroll audits are no laughing matter. If the IRS suspects that your payroll has inaccuracies – classifying employees as contractors, for example – they can enact an audit that will cost you not only in overdue wages and taxes but will add penalties that add up quickly.
A professional accountant is familiar with an employer’s full responsibilities regarding their payroll, and can ensure that accurate classifications, tax withholding, and garnished wages are all handled as required by law.
If your business is without reliable payroll, consider outsourced accounting with Total Business Services. We help companies in Burke and the surrounding regions with experienced outsource payroll services. For more information, contact our office for a free consultation.