30 Jul 5 Benefits of Outsourcing Your Business’s Payroll
There are a lot of day-to-day processes that are essential to keeping your business running, but which drain a lot of time away from more important endeavors. Regardless of what industry you’re in, payroll is going to be one of these necessary tasks. Accurate, punctual payroll on a weekly, biweekly, or monthly basis is pivotal to keeping your business running; and yet, it can also be one of the most time-consuming processes for your business as well.
Using a third-party payroll service in Provo provides you with a number of benefits for your company. Here are 5 of them:
For those who believe doing your payroll in-house is going to save you money, this might come as a surprise. But the fact of the matter is, outsourcing payroll can actually reduce costs for your business. Because payroll can be such a time-consuming process, the cost of employee time to process your business’s payroll is actually quite high. Additionally, you’ll likely be paying for some sort of payroll software to ensure accuracy, which increases costs further.
Your business is held to strict federal and state payroll and tax regulations, and failure to comply with these regulations can result in high penalties. Filing late or incorrectly can saddle your company with fees, and since the regulations are subject to change, you have to stay on top of any updates to ensure you’re always in compliance and to avoid further fees and penalties.
When you handle your payroll in-house, you entrust this duty to someone who has other important responsibilities that demand his or her time. This divided attention can often result in errors that, if left unnoticed, can lead to serious repercussions for your business. A third-party payroll service, however, focuses solely on ensuring your payroll is completely accurate and processed on time, every time, so that you don’t have to spend time worrying about compliance issues.
If you do decide to process your payroll in-house, we strongly recommend having one of our expert bookkeepers ensure accuracy for the sake of your company’s compliance. We offer an over-the-shoulder payroll service, where we simply ensure you’ve crossed all the T’s and dotted all the I’s. This simple service can protect your business down the road.
Focus Time Elsewhere
As we’ve mentioned, payroll takes up a lot of time. Even with the right software, you have to check and double check every entry for accuracy; from computing the paycheck to calculating the tax and withholdings to filing important tax forms, there are many tasks related to payroll that take up a lot of time. But payroll is never going to be a task that helps your business grow. The time you or your employees spend on this process is time spent simply maintaining the status quo.
However, if you outsource this task, you can reclaim the time that would have been spent on payroll and refocus it on endeavors that will actually help your company to grow and expand.
Most Efficient Software
Many businesses who process their own payroll use old, outdated software and processes. Whether this is to avoid the cost of more modern software, or simply to avoid having to learn a new program or process, it is a major time waster for businesses. With professional payroll services, your payroll will be processed with the most recent, most efficient software available, using the most accurate processes possible—and you never have to worry about learning to use a new system.
Perhaps the most important benefit of working with third-party payroll companies is the professional support we can provide. Our bookkeepers are educated and experienced professionals, who have spent years providing and perfecting these services. We can assist you with every aspect of your payroll, from the initial calculations of your employees’ paychecks, to running the direct deposits or printing the checks. We can even help with tax and withholdings, as well as sending in all of the necessary tax forms.
When you do your payroll in-house, you’re on your own. If the person processing your payroll doesn’t understand something, or has a question about a certain situation, you don’t have a team of professional bookkeepers and CPAs on call to assist you. And while Google is great for a lot of things, it shouldn’t be your final resource for important bookkeeping advice.
We offer a variety of packages, from a simple double-check of your payroll to complete payroll services. To learn more about our third-party payroll service in Provo, contact The Accounting Guys today.