You became a business owner because of great ideas, game-changing products, or much-needed expertise to offer, not for an undying desire to process payroll. We think it’s important to respect this truth and outsource what doesn’t fit your skill set and isn’t of genuine interest. Payroll is a necessary and recurring task we strongly suggest business owners outsource. Why? First, it’s difficult. If done incorrectly, it could have disastrous results. Second, it’s time-consuming and takes up valuable resources. Consider outsourcing payroll to simplify your recurring tasks.
The IRS reports that one out of every three employers has been charged for a payroll mistake. With total penalties reaching into the billions of dollars, processing it is something better left to professionals. Before you navigate next month’s payroll, consider the benefits of outsourcing payroll.
Many business owners assume that in-house processing is more cost-effective than outsourcing to a professional team. But what if it takes hours to complete and you make mistakes along the way? Due to constant changes in federal, state, and local laws, it’s important to work with an expert team to help you navigate this ever-changing landscape. Their work will be more efficient and exact—which means you save money.
Processing payroll is more than just cutting checks to pay employees. When it is outsourced, your team can take on an advisory role to help focus on important HR aspects of running a business like 401(k), health care, and other benefits. As an added bonus, experts can help you understand the financial and tax implications of these offerings.
Working with professional outsourced accountants and bookkeepers will simplify your payroll process. Not only is this tedious task taken off your plate, an expert team will sync the payroll process with your current systems and make sure you’re meeting tax obligations in full and on time.
While processing payroll is one of the last responsibilities business owners are ready to hand over, we strongly encourage them to be strategic and delegate the task to a professional bookkeeping team. Don’t wait for an IRS penalty because of a tax-filing omission to make the transition. Work with experts who can help cross payroll off your to-do list.