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Payroll Services

Start-ups and small - midsized companies would rather spend valuable time on sales, marketing and technology rather than necessary but tedious administrative functions like payroll.While some businesses opt to handle payroll functions in-house through manual bookkeeping or do-it-yourself payroll apps, other business owners have come to prefer the expertise of a professional payroll provider. When considering whether to outsource this function, the time and resources required to complete essential payroll tasks often weigh heavily in the decision-making process.

Wondering whether outsourcing payroll could help your company? Since payroll and tax responsibilities can be time-consuming and complicated — yet essential — busy owners are increasingly looking to outsource these functions. 

No matter how many employees a business has, processing payroll demands time and attention to detail. This often comes at the cost of valuable time that could otherwise be spent on more pressing business priorities, such as building revenue or serving customers.

By outsourcing payroll to a reputable provider, owners have more time to focus on what matters most to them.

ADVANTAGES TO OUTSOURCING PAYROLL SERVICES

Although many businesses may opt to handle payroll internally, there are a number of benefits for you and your business if you decide to outsource your payroll to a knowledgeable and reputable payroll vendor.

1. Outsourced payroll saves time

If you handle your payroll in-house, you know that it requires a lot of time and attention to detail. That demand on your time increases as your staff grows. Each pay period becomes a series of checks and balances to ensure no errors are made while handling a considerable amount of data that varies from employee to employee.

2. Overhead costs are reduced

As a business owner, your time has a dollar value that's linked to the revenue you generate from the tasks you handle at any given time. The time you are able to save each day is money earned. With that in mind, think about all the time you've spent, and continue to spend, on these payroll tasks every pay period:

Calculate employee hours, deductions, paid time off, sick leave, and taxes Print, sign, and distribute paychecks or stubs to employees Process direct deposit payments or electronic payments Generate payroll reports Prepare and submit local, state, and federal payroll taxes

3. Improved data security

There's a fair amount of risk that comes with in-house payroll. The door is wide open for identity theft. Employee records can be viewed by those who handle payroll. Employees can tamper with records for personal gain, and there's also the risk of embezzlement.

Aside from these employee risks, you'll need to consider the security of your payroll software. While the software itself could be relatively secure, you may house your data on a server or network with security flaws that could leave you open to data theft.

4. Guaranteed government compliance

I mentioned the potential costs of payroll mistakes, which are a very real possibility. Just because you're not an expert in the complicated realm of government tax regulations doesn't mean you aren't responsible for mistakes. You're still legally responsible for any cases of misrepresentation or failure to file accurately with federal and state agencies.

5. Access to a variety of services

Even a seasoned accountant has a limited skill set. With outsourced payroll services, you typically get a variety of services and the benefit of an entire organization.

 Aside from the standard payroll and tax calculation, some platforms offer additional value-added services like contract generation, contractor services, labor law compliance, access to health benefits, workers' compensation payments, and bookkeeping services.
 

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