Benefits of Not Doing Your Own Payroll

Outsourcing payroll can be a great solution if you’re trying to save time and money. You may be under the impression that doing your own payroll is cost-effective, but you may be spending more! When you do your own payroll, you may be spending your time on a tedious and time-consuming task that could be done more efficiently by someone else so that you could be focusing on your business. Still not sure? Below, we’ve broken down some benefits of outsourcing your payroll!

Time

Outsourcing your payroll will save you in more ways than one. Having a staff member handle the taxes and payroll of your business means that person is focusing on those tasks instead of their actual job role. Hiring a payroll company to handle your finances may cause a spike in efficiency for that team member, who has more time to handle their workload. It can also take up tons of time trying to understand the ins and outs of payroll duties. You must also consider the constant changes in rules, the hours it takes to calculate and input data, and updating the software you use to ensure accuracy. Overall, the amount of time spent on payroll and accounting services is significant and takes away from focusing on increasing revenue.

Compliance

Completing payroll entails taxes and accounting compliance that can be difficult to understand and keep up with. Many of these laws change constantly and staying up to date is significantly important to avoid fees and penalties. When you choose to outsource your company’s payroll, you can trust that a tax expert is handling the many complex ins and outs to ensure your information is accurate and in accordance with the law. Avoid expensive mistakes and inaccurate calculations when you trust an accounting firm to handle your payroll. When you outsource, you don’t have to feel pressured to learn about tax adjustments or how to access benefits – you have the opportunity to focus solely on growing your business.

Cost

Most people believe the cost of doing their payroll is less than hiring a professional firm, but this is not necessarily true. For one, when you are spending time doing your payroll, you are spending time away from your business, which can result in spending less time making a profit. You also risk making a mistake and owing money to the IRS. Consider the cost of the payroll software you use, and how much you are charged to use it. Most small businesses do not typically have a designated payroll specialist on their staff due to the associated costs, including salary, training, and bonuses. Either way, the additional cost of handling payroll yourself is significant. Instead, consider outsourcing. You will save yourself time, money, and headaches when you let the professionals handle your payroll.

The team at Warren Accounting Group is experienced and knows how to help you get the job done right. Our staff is trained in quality payroll services, up to date on modern compliances, and can navigate your business’s specific needs. We can simplify your payroll so your role as a business owner is more manageable. Contact us today to see how we can help: 252-827-5259.