Of the many financial responsibilities of a business owner, payroll is the one that can most disrupt your day to day business operations. When you have several employees, each with different wages, hours and benefits, it can suck away precious time to make sure they’re all getting the right paycheck at the end of the pay period. And, even worse if you accidently mess something up, you’re going to have a staff that’s not going to be very happy about their paycheck mishaps!
As is the case with most financial aspects of running a business, outsourcing payroll services in Jamestown, ND is a great idea. Take a look at five reasons why it’s in your best interest to make sure someone else is handling the sensitive task of making sure your employees get paid on time and in full, with no errors to behold:
- As mentioned above, outsourcing this lengthy task is a time saver above all else. Instead of having to sit down at the end of each pay period or workweek to calculate paychecks, you can instead ship this task out to someone who can get the job done in less time, to a more accurate degree. Focus your time elsewhere to grow your business and leave the tedium to someone else.
- Did you know that if you do your own payroll, you’re probably spending about $260 in used man hours each year, per employee? Consider a business that has ten employees or even 20 payroll workers and you’re looking at huge costs just to get people paid! You can instead pay a nominal fee to have someone else take over your payroll services in Jamestown, ND and not only recoup those dollars, but focus on earning the business more with the time saved!
- The IRS is not an agency you want to be tangled with and if you do your own payroll without an expert understanding of it, you might find yourself in this exact situation. Penalties, fines and fees can all apply if you mess up your payroll and once you develop a poor reputation with the IRS, you’re opening the door for more invasive inspections, such as an audit. Don’t let simple mistakes put you on the bad side of the IRS: let someone with more experience handle your payroll needs.
- Within the confines of your current payment system, you might not have the ability to offer your employees any patrol perks, such as direct deposit. Partnering with a company that has these capabilities can give you access to them, without burdening you to update your own software or procedures.
- Technology is a huge part in the payroll process. QuickBooks and other accounting software aren’t for beginners and trying to use them without a thorough understanding of how they work can leave you making more errors than headway. A professional accountant, on the other hand, is well versed in these technologies and can save you from having to do your taxes by hand, with paper and pencil!
The fact of the matter is that payroll services in Jamestown, ND are the easiest thing to outsource and the most cost effective task to pass on to someone else. If your business isn’t currently outsourcing payroll, it might be time to think about it, for all of the above reasons and more.