How Payroll Processing Companies Can Help Your Business
Payroll processing services have several advantages no matter what size business you are running. Small businesses will find that outsourcing payroll sources can be a time and cost saver, especially during tax season. If you have not yet considered outsourcing your payroll processing duties, you may want to consider it. Outsourcing employee payroll services can assist a small business owner handle tax agency requirements, social security, garnishments, child support, third party sick pay, and fringe benefits.
Outsourcing employee payroll services can also free up a ton of your time. If you are doing your own payroll processing, 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. Since payroll is usually a business’s biggest expense, automation, which results in improved accuracy can also represent a significant cost savings.
According to the IRS, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments. Another benefit of working with an employee payroll processing 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. Using payroll software 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, employee payroll services may be the option you are looking for.