One key to success when running your business is saving money. So it makes sense you might try to manage your own payroll. It saves money, right? Wrong! When you manage your payroll, the results may surprise you. The more employees you hire, the more time and labor you’ll spend on managing payroll. Worse, you run a high risk of costly errors and IRS fines. If you run late on paying your employees, you run the risk of lowering their morale. So what should you do? When you outsource payroll services, you free up your time to manage your business.
You’ll also sleep easy at night, knowing you don’t have to worry about security or filing issues. Keep reading to find out how outsourcing payroll will save you time and money.
Save on Labor
The more employees you hire, the more your payroll needs will increase. This means whoever has been doing payroll in your office faces an increased workload.
The average payroll specialist’s annual salary ranges from $34-55K! What could you do with that money? Instead of bogging down your employees with payroll tasks, save by outsourcing.
When you outsource, you’ll have seamless addition to your team. They’ll be able to take on HR and Payroll tasks.
They’ll handle managing employee files, onboarding, and ensuring compliance. Better yet, you don’t have to hire an in-house employee to handle these tasks.
Save on Time
You’ll see a big difference when you outsource payroll instead of keeping it in-house. When you outsource payroll and HR, you get to spend that time building your business. Your employees will feel thrilled you’re saving time on payroll.
Your outsourcing partner will manage and process both payroll and payroll tax filings. They can do your W-2 processing for you.
Additionally, they can help with HR needs. They can onboard employees and maintain employee personnel files for you.
Payroll can be a tedious task if you’re not experienced. Ensuring you’re compliant is a time-consuming task for your in-house employees. Their time can be better used on other tasks.
Boost Your Compliance
You can run the risk of errors when doing payroll. For example, you may not have correctly recorded work time for your employees. If you don’t file your payroll taxes correctly, you run the risk of heavy fines.
You can incur these penalties if you don’t pay your employees proper overtime. Or if you do not file the correct tax forms or register your employees correctly per state.
With their payroll assistance, you’ll be sure your records and filings are error-free. Avoid any nasty surprises from the IRS. You’ll be sure you’re saving money on payroll instead.
Outsource Payroll Services for Results
Outsourcing payroll will save you time, money, and labor. Your team will be relieved that support is on the way. They can focus their energy on all the other tasks that keep your business running.
And you’ll be sure you don’t get any penalties for filing incorrectly. When you outsource your payroll services, you can be sure your payroll will be compliant. Your outsourced payroll company will know the relevant rules and laws.
Interested in discussing how to outsource payroll services at your company? Get in touch with us here to schedule your consultation!