Author: Warren Accounting

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.

Navigating a small business can be exhausting. Throw in the bookkeeping and recordkeeping aspects, and a business-owner can be overwhelmed. Most owners are tasked with running their business while also working in their business. However, having an organized financial system is essential to the success and growth of your business. With so many important things owners need to keep track of, Warren Accounting Group is here to offer you some tips to assist you and your business with record keeping.

1. Create a System

You can create a pretty simple record keeping method for your small business by having two binders. One of the binders should include all the documents you are required to have in the state, such as permits and licenses. Items in this binder may include:

• Articles of Incorporation or Articles of Organization
• Certificates
• Company seal
• Meeting Minutes
• Resolutions

The second binder should keep your daily records and needs housed in order. Items in this binder may include accounting records, insurance policies held by the company, the names and addresses of shareholders, shareholder interest, and state filings which include annual reports.

2. Know the Rules

No matter how you manage your business’s accounting, you need to know what records need to be kept and how long they need to be kept. You need to keep receipts that pertain to your business’s expenses, gross receipts, and purchases to track your business’s debits, credits, and income.

The documents that should be kept for gross receipts include sales receipts, deposit information, invoices, and all forms, such as 1099-MISC. Expense documents include bank account statements, canceled checks or documents proving payment, cash register receipts, credit card receipts and statements, and invoices. You will also need to keep financial statements which will include credit card receipts and statements, bank statements and canceled checks, sales journals, and all invoices.

You will need to keep business documents and receipts for at least three years. This time frame includes the possibility for IRS audits. This is why you should save all the documents and receipts that may be needed. If the IRS suspects that you are underreporting your income, that timeframe increases to six years.

3. Protect Your Bookkeeping Records

In the digital age we live in, having all your documents online is convenient and can save a ton of time. However, online, digital recording keeping comes with the threat of hackers and breaches that can affect your business. We suggest you keep paper copies of your records in files broken down by month and year, but if you choose to save them digitally, do the following:

• Protect your documents with a password and two-factor authentication.
• Have them in more than one location, so if a folder accidentally gets deleted, they are still accessible.

4. Best Practices

The rule of thumb for keeping up with bookkeeping and accounting is to routinely monitor your financials, keep track of all documents and records you will need, and double checking your data to guarantee everything is correct. The bottom line is to know what documents you need and where they are, keep them secure and organized, and stay up to date on government rules and regulations.

5. Hire an Accounting Group to Help with Bookkeeping and Payroll Services

The amount of time you are spending on your bookkeeping could be another reason you should consider outsourcing those needs. Tracking expenses and income, managing tax payments and returns, and staying in compliance while organizing all the paperwork can be very overwhelming. Working with a professional can save you time and give you peace of mind. Your friends at Warren Accounting are here to help!

Working with an accounting service to assist you in your bookkeeping is a great way to ensure your records and documents are kept safe and accurate. Visit https://www.warrenaccountinginc.com/ or give us a call to schedule a meeting today. We would love to help you and your business with your bookkeeping needs. Let us focus on your books, so you can focus on your business!

Do you struggle to find the time and energy to sit down, sift through employee hours, calculate wages, and cut checks? If you answered yes, then outsourcing your payroll might be the perfect choice for you!

Processing payroll is very time-consuming and could feel like a chore on top of the many other tasks you need to complete for your business. Choosing Warren Accounting Group to handle your bookkeeping and payroll services could be the peace of mind you are missing.

1. Save Money + Time

Printing checks, doing calculations, maintaining payroll software, and keeping up with the ever-changing government regulations are time-consuming and costly tasks when you choose to process your payroll in-house. According to a 2023 study, depending on the size of your business, the entire process of completing payroll can take anywhere between 2-5 days each month. When you trust the Warren Accounting Group to handle your bookkeeping and payroll services, you can spend time focused on what’s most important to you – your business.

2. Let the Experts Handle It

Government policies on payroll change all the time – and it’s our job to keep up with these changes! Let us handle your payroll services, and we’ll worry about new rules and regulations for you!

3. Reduce Risks

According to the IRS in 2023, 33% of employers make payroll mistakes each year. When these errors are made, fines and penalties are often required. When you outsource your company’s payroll service you can prevent filing errors and fines associated with inaccurate, missed or late filings.

4. Too Busy and Too Stressed

Many times, the person who is processing the payroll in-house also has countless other jobs and duties to complete – usually within the HR Department. Being in charge of payroll is also a huge responsibility, and the weight of this can lead to unwanted or unneeded stress at work. Outsourcing payroll will allow your HR Department to have more time and energy to focus on employee-related tasks that can help you maintain and retain employees.

5. Better Security and Confidentiality

Processing payroll in-house could put your business at risk of hacking or identity theft. Using a reputable bookkeeping and payroll server that uses state-of-the-art technologies could safeguard your data. When processing payroll, it is imperative that you protect your employees’ salary and personal information. Like it or not, there is really no way to ensure that your internal payroll team is not sharing this information. But when you outsource these tasks, you get peace of mind about security and confidentiality.

If you are looking for a partner for your bookkeeping and payroll services, look no further. With over 100 years of combined experience in payroll and bookkeeping management services, we’re ready to help take something off your plate! If you are wondering how outsourcing payroll works, give us a call and we’ll be happy to answer any questions you may have.

 

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