Processing payroll can take up a lot of time you don’t necessarily have as a small business owner. The tasks you need to accomplish can include withholding taxes from employee wages, deducting employee-contributed payments for benefits, keeping organized records of vacation and sick pay and more. With so many tasks to keep track of, it makes sense, then, that you might want to outsource your payroll processes to a third party.
Here are just a few of the primary benefits associated with using outsourced payroll services in Jamestown, ND:
- Cost: When you outsource your payroll, you can expect to pay significantly less than what you would have to pay to have it done in house, especially if you’re the owner of a relatively small business. By hiring an outside service, you pay for the work you need done rather than a full-time salary and benefits. Over the long run, that amount of savings can be extremely beneficial.
- Convenience: Simply put, you have a whole lot on your plate as the owner of a small business. It makes a lot of sense to offload some responsibilities that take you away from the more important aspects of running your business. All you need to do is give the payroll service access to the appropriate information and let them take over. This has become easier than ever before with the proliferation of web-based payroll services.
- Accuracy: Even if you do think you have the time to manage your own payroll as a business owner, you might not necessarily have the training necessary to perform all the associated financial tasks accurately. You can trust the accuracy of work done by payroll and accounting professionals, because their ability to stay in business relies on 100 percent accuracy. They’ll also constantly stay up to date with the latest tax laws that could affect your payroll practices.
- Compliance: There are a number of state and federal regulations you must follow when performing payroll. Hiring an outside company ensures these regulations are fulfilled, which not only ensures your compliance, but also saves you money you’d have to spend on legal fees in the event you were sued for noncompliance.
- Flexibility: Even though you’re handing off your payroll tasks to a third-party organization, you’re still able to keep as much control over your payroll as you want. There are some business owners who fear a loss of control when outsourcing services, but you can create some specific terms in your agreement that allow you to maintain control over certain practices.
- Time: We touched on this a bit already, but you can save a significant amount of time by letting someone else handle your payroll for you. The time you save can be reinvested into other more important areas of your business, such as product development, marketing or other tasks.
These are just a few examples of some of the biggest advantages that come with using outsourced payroll services in Jamestown, ND. For more information, contact the team at Craig S. Hanson, CPA today.