Many business owners process their own payroll and think they are too small to use a payroll service. When does it make sense to outsource the task of processing payroll? Here are the top 5 reasons businesses outsource their payroll processing.
- Save Time – It is typically more efficient to outsource payroll processing than to handle this internally. Leaving the payroll tasks to outside experts frees up time that can be used more productively and time can be devoted to other more important parts of your business.
- Save Money – Typically business owners undersestimate the time and money spent processing payroll internally. Many business owners never take the time to do the math. How many hours are all employees that touch the payroll process spending on payroll? Calculate the amout spent on printing checks and forms and W-2′s, distributing paychecks, filing tax documents and answering employee questions, the results may surprise you.
- Avoid Penalties – Calculating payroll taxes properly is an important function not to be taken litghtly. Nearly 33% of small businessess receive a tax penalty for over $800 each year. Outsourcing payroll transfers the risks of these penalties over to the payroll provider.
- Reliability – Employee vacations and days off and family emergencies, will not slow down a payroll provider. Avoid late direct deposits and late tax filings. Payroll now can even be transmitted via an iPhone when you are out of the office.
- Peace of Mind – Outsourcing payroll delivers peace of mind. No headaches, no hassles, your payroll information is secure with your payroll provider. The speed, accuracy and reliability of payroll providers allow you to concentrate on more important revenue generating functions of your business.
For more information on how SourceOne Partners can help you find a payroll provider that fits your needs,contact us today.