Outsourcing Your Payroll? Why Not?
Published07/20/2015 by Edirex
Everyone knows that payroll accounting is not only time consuming but treacherous ground. As a business owner, it’s the last thing you want to get wrong. Having the IRS zeroed in on your company isn’t fun, and the regulations are ever changing and more complicated every year. Couple this with your state statutes, and new insurance requirements, and getting retirement contributions and even garnishments right - and you’ve got an idea of just how it might affect you if errors are made.
Fortunately, outsourcing your Payroll Services means that you get rid of the headache, and let a professional handle it for you. Sure, it may cost a few dollars per check, but your peace of mind is worth that, and much more. Penalties are no joke, and can be levied for dozens of infractions you probably aren’t even aware of.
Let’s look at just a few of the key benefits:
Saves you money - trading labor and benefit costs of a part or full time payroll clerk for the $3-$5 per check expense is an easy calculation - it’s not even close!
Avoid IRS penalties - small businesses pay on the average approximately $850 annually in late or incorrect filing fees. Most payroll services guarantee this won’t happen and take responsibility if it does.
Direct deposit - payroll services offer this feature, which serves as an added benefit you can provide for your employees. Who doesn’t love having their paycheck go right into their bank account?
Compliance isn’t your problem anymore - payroll services make certain all the “i’s” are dotted and the “t’s” are crossed. Not having to stay up to date on all the latest laws is a huge relief, and keeps you from incurring penalties for this lack of awareness.
- Privacy issues - when you outsource payroll, you eliminate the awkwardness and potential risk involved when an employee working in the office has access and control over everyone’s personal data, including your own.