Payroll management services have several advantages no matter what size business you are running. If you have not yet considered payroll outsourcing or small business payroll services you may want to.
Outsourcing payroll services can free up a ton of your time. If you are doing your own payroll processing or struggling with how to do payroll, you are very aware of what a time consuming process it can be. Inc. magazine recently identified payroll as the #1 task for small business to outsource, along with most accounting tasks.
Payroll and payroll accounting are not only time consuming, but something that is important to get right. Most of us know how it feels to have something wrong with a paycheck, so there is always added pressure. Payroll companies eliminate this pressure and free up time for more important business elements like brand development and customer service.
According to the IRS, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments. Every year, more than eight million penalties are assessed by the IRS because of incorrect or delinquent remittance of federal payroll taxes. Another benefit of working with a payroll management company is that avoid any IRS fees due to incorrect filings and payments.
Finally, most business owners do not have time to keep up on changes in policies in things such as payroll tax, as they have a business to focus on. Online payroll processing is a secure, simple way for any size business to submit payroll.Payroll management gives you piece of mind that they are as up to date with payroll rules and regulations as possible.
Whether you want to save time, money, or avoid making payroll processing errors, outsourcing your payroll may be the option you are looking for.