Small business owners and operators are already spending as much time as possible building and maintaining their business. For them, taking the time to stop and do other tasks, such as processing payroll, is not necessarily the most effective way to spend their time. This is one reason why many small businesses elect to outsource their payroll process.
Apart from being time consuming, processing payroll can be complicating as well. This includes withholding taxes, tracking vacation and sick pay and deducting contributions towards benefits. This often requires hiring a full-time payroll manager. You can avoid the cost of hiring an additional employee by using a payroll service. Here are just some of the benefits:
Focus on Accuracy
When you turn your payroll over to a qualified payroll service, you can be sure that your payroll will be processed accurately. Because payroll companies want to keep your business, they will not only put an emphasis on accuracy, but will also keep your up to speed on any new tax laws or other contributing factor when it comes to employee payroll.
For Your Convenience
It’s usually very easy to use an outsourced payroll service, which makes it very convenient for a busy small business owner. You can submit the necessary payroll information online, by email or over the phone, then sit back and relax knowing that paychecks are being cut and sent as needed.
Most payroll companies are also able to manage employee retirement plans as well as offer direct deposit. They can also provide important management reports, calculate employee tax obligations and prepare W2 forms for their clients. This makes the functionality of payroll smoother and more convenient for you and your employees.
The first time a small business owner attempts to process payroll can be completely overwhelming. Because many people are unaware of the complications including state and federal laws and policies that go into payroll. A company that offers payroll-processing services is familiar with these laws and policies and is able to work within them with ease. This helps you avoid any penalties or legal fees that might occur if payroll processes incorrectly.
In conclusion, it is definitely worth it to put it into the hands of someone who is familiar with the process and understands the functionality of it. At Hacker Accounting, we offer our clients payroll processing services along with the many other accounting services we provide. Want to learn more about how we can help you process your payroll effectively and on time? Give us a call at 602-375-5251 and let’s set up a time to discuss your needs in detail.