Pros of Outsourcing Your Payroll
4 Benefits of Outsource Payroll Services
If you are like the majority of small business owners, you no doubt have many different issues that confront you on a daily basis. Ensuring that your employees are paid correctly and consistently is certainly one area that can consume your time and efforts. However, for a relatively minor monthly expense, you can delegate this task to the experts. Read on to learn four benefits of outsourcing your payroll.
Time is money
If you have ever attempted to manually track and process payroll for your employees, you understand what an incredibly time-consuming and onerous task this can present. By outsourcing your payroll, you will free up valuable time for you and your employees to focus on the important things — growing your company and adding value to your enterprise. Inc. magazine recently listed payroll as the top task that small business owners outsource.
Accuracy is a must
Keeping your staff paid in a timely and accurate manner is essential to efficiently running any small business. Even with in-house accounting software, the element of human error and time involved in computing payroll is just not cost-effective — especially considering the small line-item expense that outsourcing your payroll represents.
It saves you dollars (and makes sense)
It’s estimated that small business owners who choose to perform their own payroll calculations typically overpay their employees by 4%. In addition, by outsourcing your payroll you completely eliminate the potential for fraud or embezzlement.
Stay in compliance
It’s no secret that keeping up with tax law is an extremely challenging and intimidating effort. According to the IRS, 40% of small businesses pay an average of penalty of $845 a year for tax-related errors in their quarterly and annual filings. By allowing the professionals at F & F Business Services to handle your payroll activities, you can rest easy knowing that you are in full and complete compliance with all of the constantly changing tax laws.
As a small business owner, there are many good reasons for you to outsource your payroll. These include saving time, ensuring accuracy, conserving your hard-earned capital, and not risking tax penalties for non-compliance.
If you have any questions or would like us to take a look at your small business and how we can help you, please don’t hesitate to reach out to us today!