When businesses are just getting their start, they’ll often take on the task of managing payroll, along with about a million other things from janitorial duties to CEO obligations. But as the business grows, they'll be ready to take back two of their most valuable asset – time and money.
By investing in payroll processing services, you’ll be giving your business a chance to control costs, improve productivity, and be proactive for tax season. Here's some information to help you decide if hiring a payroll management company is right for your bottom dollar.
What are payroll processing services?
Payroll processing encompasses a range of services such as gross wage calculations (this includes deductions, taxes, benefits, 401K, and retirement, and other additions or withholdings for each employee), quarterly tax filing, time and attendance, next day delivery, multiple reports (easily accessed by you), checks with your logo on them, and much more. An outside provider will perform these services with precision to improve efficiency and accuracy within the workplace so that you can focus on other aspects of your business.
What is the main advantage of hiring a company to manage payroll?
While there are many advantages to hiring an outside company to process payroll, one of the primary benefits is the savings. Because you won’t have to hire an in-house employee that needs training, require ongoing software purchases, or have an office full of equipment, you'll discover that your overhead will be lower. Instead, you'll have access to the latest security measures, be in-the-know when tax laws change, and all tasks will be done on time whether it is paying your employees or filing your taxes.
What businesses benefit from a payroll processing service?
Local companies such as restaurants and coffee shops (that have less than twenty employees) will benefit from payroll services because they won't have the time-constraints and stresses associated with this job. Small business owners tend to take on multiple responsibilities, but when it comes to payroll, it's complicated and easy to make mistakes if you don't have the trained eye or are trying to juggle everything at once. Errors can get expensive, and outside payroll processing services know exactly how to keep them from happening.
Healthcare facilities, law firms, and larger businesses that want to take the complications out of this process will also see immediate savings because they won't have to pay in-house prices for payroll. Plus, everything will be done professionally and promptly which any business will appreciate -- no matter the size!
What factors should be considered when hiring a company to handle payroll?
The most vital aspect to consider when choosing someone is to go a reliable company that pays acute attention to detail. The best payroll services get it right the first time so that you don’t face penalties and angry employees. Remember – the goal is to save time and money, and by going with professionals that have experience in tax laws, accounting, and everything in between, you'll get those results.
If you’re ready to enjoy the benefits of a payroll processing service, let SourceOne Payroll be your guide. We’ll take the complexities out of the process so that you can focus on what matters – growing your business!
