As a business owner, you want to be successful, and to provide the best quality goods or services in your industry. But there’s another area of your business that may tend to go overlooked, particularly in small businesses operated by just a handful of individuals—we’re talking about payroll. Whether you’re moving workers from independent contractor status to full employees or want to remove in-house payroll from your duties, here are some of the many benefits of using a payroll service in Jamestown, ND for your small business:
- It’s convenient: Not only does delegating your business’s payroll responsibilities take a time consuming job off your plate, it also allows you access to individual employee payroll information without the chore of actually making the updates yourself. Many payroll services connect with business owners for initial setup, which includes inputting employee salary or hourly pay amounts and paycheck deductions. After you submit the hours worked for the current pay period, either by calling it in or using the service’s website, the outside payroll company processes the checks. It’s simple and convenient.
- It saves you money: While doing your own payroll to start may seem like an inexpensive route to take, you might want to consider evaluating your actual cost. Especially when the expenses are spread out over many steps, like paying an internal employee to handle payroll and bookkeeping, the cost of creating and printing checks every month and putting together tax documents for everyone, the monthly costs can add up quickly. A lot of times, a payroll service pushing high volumes of paychecks can produce checks and other documents with their own professional payroll software and printers at a lower cost.
- It’s functional: On top of the convenience that comes with hiring a payroll service in Jamestown, ND, you and your business may also benefit from additional functionality. If you want to offer your employees direct deposit and company benefits like employee retirement plans, then you should work with a payroll company that can handle such services. To be on track for tax season, some even maintain detailed reports of your employees’ taxes and deductions so they can prepare W2 forms for you to distribute every January.
- It provides reassurance to your employees: Whether you know it or not, some of your employees live paycheck to paycheck. With an outside payroll company providing quality services, your employees can rest easy knowing they can rely on a timely and accurate paycheck every pay period—that is, assuming you submit everyone’s worked hours on time. Professional paper checks are delivered by the payroll service while employees who prefer direct deposit can enjoy the freedom of logging on to a payroll site to monitor checks electronically.
Now that you know a little more about the benefits of shifting payroll responsibilities to an outside party, the time has come for you to find the best service for your needs. At Craig S. Hanson, CPA, we offer specialized accounting assistance to give you and your business the most efficient payroll service in Jamestown, ND. Contact us today to learn more!