Handling payroll functions properly is one of the most important aspects in any business. When it is done correctly, both business owner and employee are free from unnecessary stress or frustration. However, if payroll administration is not handled correctly or in a timely fashion, it can lead to disaster.
Many businesses have found that it is worth the cost to turn their payroll over to a payroll service that handles the entire process from start to finish. There are some significant benefits to doing this that some business owners may not even think about. Here are 5 ways a full payroll service will help your business run smoother:
1. More Options for Employer and Employee
Attempting to handle payroll on your own as a business owner or operator may limit the options you are able to extend to your employees. These options might include direct deposit as well as access to adjust withholdings as needed. A payroll service that is familiar with the processes and up-to-date on payroll services can offer these types of options making things easier for both you and your employees.
2. On-Time Payroll Tax
Oh no! It’s the “T” word! Keeping track of and paying taxes has never been something that business owners look forward to. Consequently, they are often overlooked or paid late, which leads to late fees and fines. You can avoid those fees and the stress of filing taxes by using a full payroll service. Payroll tax forms are filed electronically to help avoid any late filings and payroll taxes are debited from the business account and paid online for accuracy and timely payments.
3. Vacation and Sick Time
Even with just a few employees working for you, it can be a challenge to keep up with vacation pay and sick hours. Let your payroll service handle these things for you. Not only will you receive detailed reports and tracking of vacation and sick time, but you can also make sure that your employees are paid correctly for time off.
4. Time and Convenience
This one is a no-brainer. There’s not a business owner out there that sits around wondering what to do with all of his or her spare time. When time is short, don’t burden yourself with having to stop on a regular basis to process payroll. Think about how much one small mistake in processing payroll can cost you in both time and money. The time you save can be spent in other areas of your business to help you grow and succeed.
5. Save Money
Of course, there is a cost when it comes to using a full payroll service. This is one reason why some businesses still don’t use one. However, if you consider the long run, you will soon realize that this is a cost that is worth it and will end up paying for itself. As mentioned before, even a small mistake can turn costly in a jiffy. Plus, you’ll save money by getting rid of your expensive payroll software and by creating more time for you and your staff.
Learn more about the full payroll services we offer at Hacker Accounting by calling us at 602-375-5251.