Sometimes the best way to maintain control of your business is to let a part of it go. Outsourcing can save you a lot of trouble, especially when it comes to your payroll. Just because you run a business doesn’t mean you have to do EVERYTHING: Some things are best left to the professionals.
At Hacker Accounting, we’re proud to help businesses find success by helping them with their payrolls. Here are five perks that come with outsourcing payroll.
You’ll Save Time
Staying on top of your payroll takes a lot of time. Even if you only have a few employees, it can still be a serious drain on your time to do your payroll on your own. It requires a considerable attention to detail, data entry and double-checking for accuracy. This is time that you could devote to running your business. It’s hard to make and implement plans to advance the future of your company when you’re stuck sweating payroll week after week.
A dedicated bookkeeper or accountant can handle all this work for you. That’s perhaps the biggest benefit to outsourcing payroll: You’ll save countless hours.
You’ll Save Money
This might seem counter-intuitive at first. After all, you are paying someone to outsource payroll. How does that save you money? In a few ways. As we said, it saves you time and time IS money. Time that you used to spend on payroll could instead be spent following up on leads, networking, generating new business and expanding your company. These are all things that can bring more money into your business, justifying the expense of outsourcing your payroll.
But the real money-saver is their expertise. It can be easy to make a mistake when doing payroll, and those mistakes could cost you big time when tax season rolls by. Having a professional handle your payroll ensures that they will be accurate, which means you won’t have to worry about being hit by serious penalties and fines from the IRS.
They Can Spot Red Flags
It can be hard to be objective when doing your own books. You’re so focused on trying to run your business that you may end up brushing off, ignoring or missing something in your books that warrants a closer look. A professional can notice any inconsistency or irregularities in your payroll. Even with the most trusted employees, things can happen: Identity theft, tampering with company records, outright theft or embezzlement. And sometimes there can be innocent accidents and oversights that need to be corrected. You may not notice these things, but an outsider with a fresh perspective would catch these red flags and help you fix them.
Direct deposit is a popular option for many employees. It offers convenience and cuts down on paper waste. But it’s very hard to set up direct deposit on your own. An outside payroll service can work this out for you, making it one less thing for you to worry about.
Keeping up with the latest accounting software and systems can be cost-prohibitive and confusing. An outside bookkeeper will have all the tools they’ll need to handle your financials. Instead of having to invest in expensive software that you’ll need to frequently update, you can rely on a professional who knows how to use that software like the back of their hand to take care of your payroll.
Related: How to Know When An Accountant Is Not Right For You
Looking for someone to help you manage your payroll? The experts at Hacker Accounting can help you with that. Give us a call at 602-375-5251.