Whether your business has four employees or forty, managing payroll can be a tedious process. If you have the expertise in managing employee benefits and have extra time in your schedule, it may make sense to handle the responsibilities yourself. However, if you are unfamiliar with how to do payroll, consider outsourcing. Using a payroll processing service can save you valuable time and money and simplify your business banking. Before you decide how you will manage your employee’s pay, learn more about the benefits of small business payroll services.
There are different ways you can manage your payroll such as hiring an accountant, using manual systems, or outsourcing to a small business payroll service. Payroll services are often the most convenient, as basic plans will calculate payroll and appropriate taxes, print and distribute checks and produce necessary reports for you. Plus, they’re less expensive than hiring an accountant and less time consuming than manual systems. Depending on your budget you can include additional payroll services such as 401(k) deductions, time and attendance tools, and issuance of W-2 forms. You can also elect for direct deposits, making it easier for your employees to access their paycheck.
Peace of mind
As you weigh your options for small business payroll services, keep in mind that the reporting and payment of all payroll taxes are the sole responsibility of the employer as dictated by both state and federal laws. The Employer’s Tax Guide created by the Internal Revenue Service (IRS) details tax obligations you are responsible for as a business owner. To avoid penalties from the IRS, it is crucial for all information submitted to be timely and accurate. Hiring a payroll service will provide peace of mind that deposit requirements and deadlines are met on time.
Save time and money
Compare the overhead costs of hiring an internal payroll specialist versus using a payroll processing service. You will likely find that outsourcing the job will be the more cost effective option. Not only will it save you money, but using a service can also save you time. Many services are now joining the digital world and offer online access with mobile support that enables you to manage your company payroll from anywhere day or night.
While a payroll processing service saves you time and money, sometimes you need an expert to talk to. Most payroll services will also assign a primary contact for your business. This individual will be a tax and payroll expert and will be able to advise you on any regulation changes made by the IRS. You can rely on this person to be a trusted resource, which will eliminate the stress of having to do the research yourself.
Choosing a third party payroll service
As a small business owner, you are likely wearing multiple hats as you manage the different areas of your business. To cut back on the stress involved with figuring out how to do payroll, find a service that can do the work for you. There are several different small business payroll services you can choose from.
Determine the level of service you will need and how much of your budget you will allocate for this part your business. Next, speak with a financial institution that has business banking resources. Many banks offer partnerships with payroll services, like Paychex, that can streamline all of your banking needs.
Sponsored content was created and provided by RBS Citizens Financial Group