Small Business Payroll Solutions
Payroll is the happiness and joy of
employees, but the actual payroll process can be a quite an annoyance for small
business owners. Often, sometimes weekly, accountant/s must spend hours making
hairsplitting calculations, completing government reports, depositing tax money
in various accounts, and writing and signing checks. In addition, there are
quarterly filing and tax-payment requirements, and sometimes, the feared phone
call from the tax collector with a question about something you had long since
forgotten.Despite the headache, payroll has to get done or you will not have
any employees.
Computing the payroll is a job that is difficult
and eats a lot of time, especially for small business where in there is not any
dedicated person employed to manage the organization’s payroll.If your business
is small enough, you may be lured to compute payroll on your own, but in the
long run this probably is not the best or advisable idea. Most business owners seek
help from their accountants, but many decide to work with third-party services
that specialize in handling payroll. Another choice is to get help from payroll
software used in-house or over the Internet.
Payroll is one of the most commonly
outsourced functions in a small business, because the computation is so critical
to avoid accuracy mistakes. The process can also be time wasting. It is better
to hand this job over to someone else and focus on more essential things when
getting your business going.
Before choosing a third-party service who
will calculate your payroll, it is a good idea and advisable to check if the
company has passed the IRS Assurance Testing System and/or Business Acceptance
Testing (BATS) requirements
for software developers, reporting agents and transmitters of electronic
business returns to the IRS.
Nowadays, outsourcing a business payroll is
not just for big companies–small and large businesses alike can enjoy the
convenience, cost savings and peace of mind that outsourcing can create. Instead
of struggling and stressing to manage it yourself, outsourcing your business’s
payroll to an external company can be extremely helpful to your company.Here are
a few of the benefits outsourcing provides:
·
Save money and time. The time spent by the accountant/s working the
payroll in an organization multiplied by the amount of money paid per hour, you
will be shocked to know that outsourcing the payroll to the experts or the
third party would save lot of time and money. It also frees up a lot of time
for your accounting staff, allowing them to focus on other tasks.
·
Accuracy. Computing pay and withholding
amounts can be tough, one mistake and you are responsible for hundreds, maybe
thousands, in penalties or fees. Outsourced Payroll services have experts on staffs
that ensure your payroll is accurate every time.
·
Quality Work and Expert Help.
Payroll services employ tax attorneys, CPAs and other knowledgeable and
experienced business professionals to ensure that all payroll computations obey
with current tax laws and regulations.Expert help brings peace of mind;make
sure you choose a payroll company with a reputation for accuracy and good
customer service.
