Regardless of the size of your business, payroll is a task that takes time, organization, attention to detail and meeting deadlines, in other words…. effort. Many business owners and leaders are on the fence about what the best choice is for their organization.
Below are some things to consider when weighing your options and some of the advantages for outsourcing your payroll function:
- More time for other tasks
- freeing up your time or the time of others to be able to focus on revenue-generating aspects of your business
- Potential for reduced staff
- perhaps you can free up enough time to save on staffing costs by outsourcing the payroll and payroll tax filing and payment responsibilities
- Savings in time and costs for software purchases or updates.
- Change is constant, even without the complications of a worldwide pandemic. Keeping payroll in house requires up to date software, tax tables and ability for electronic filing of forms and documents.
- Freedom from filing quarterly reports, annual reports and reconciliations remembering to make the corresponding tax payments on time and at the right frequency.
- a great outsourced payroll provider runs like a well-oiled machine. This ensures everything is ran and submitted on time every time.
- Wage garnishments
- outsourcing payroll can include garnishing the wages and often making the payments to the corresponding agencies (e.g. child support)
- Better data security
- payroll data includes the most personal data for your employees. Outsourcing moves this information from your system and mitigates the risk of hacked data.
If outsourcing payroll is something you may consider, give BakerStarrett, LLP a call. We are always willing to assist with exploring the options for each business owner’s unique circumstances.