If you own a business, investing in payroll services may be one of the smartest things you could ever do for yourself. This is considering every year 8 million penalties are assessed for incorrect or delinquent submission of payroll taxes. One small mistake on your part could cost you more than you would think in the long run.
Outsourcing payroll has serious benefits many of us are unaware of. Integrated payroll services, as well as retirement services, have the benefit of saving you time and money taking care of them yourself. They also help you rest assured everything is accurate on all accounts considering it uses a singular IT platform. This will free up a lot of time for you, and your management staff to focus on driving sales, and developing your business.
When you outsource your payroll accounting and payroll processing, its also a way to prevent payroll fraud from in house, considering the IT systems used usually have safe guards to protect against things of that nature. This will help you rest assured you are not losing valuable time and money, at the cost of a bad apple employee.
Also if you are an office of 20 employees or more, you are required to have COBRA health insurance in place incase of employee termination, cuts in hours, or other circumstances that qualify employees for coverage. Payroll services often assist in setting this up for companies as well. This is a huge plus considering the details of this process can be extremely complicated, and one mistake may set everything off track.
If you are a company currently doing your payroll in house, consider these factors. Outsourcing payroll services could possibly save you a huge headache in the long run. The process of outsourcing payroll services allows you to focus on your sales, your productivity, and the over all well being of your business. Your time is valuable allow professionals to handle your payroll needs, you will not regret it.