6 Misconceptions about Payroll Service Companies
Whatâ€™s keeping you from using payroll service companies?
Payroll service companies can help businesses in many ways, but would-be clients often miss out due to misconceptions. Owners assume the services will be too expensive or believe they donâ€™t have much to offer or that theyâ€™ll introduce risks instead of solutions.
Here are just a few misconceptions you may have heard about hiring out payroll services and why theyâ€™re wrong:
1.Â You arenâ€™t in control of payroll if you use a service.
Many business owners became successful because of the strength of their methods, and they trust themselves to do essential jobs right. Handing the reigns for payroll over to someone else can feel threatening, but itâ€™s important to remember you control who you select for that job. Youâ€™re able to thoroughly check out any provider under consideration, and you can request information on your accounts as you see fit.
2.Â You donâ€™t have the right to hire or fire your payroll help.
If youâ€™re worried about getting stuck with a problem worker, unable to change without starting the entire process over with a new company, make sure you work with a service employing several people for payroll accounts. If youâ€™re unhappy with the work or find thereâ€™s a personality conflict at play, youâ€™ll be able to easily switch the person assigned to your account.
3.Â Small companies donâ€™t need, or benefit from, hiring out payroll.
If you donâ€™t have many employees, hiring out payroll may feel like a waste, but consider what your inexperience can really cost you. Without many employees, chances are you arenâ€™t too concerned with keeping updated on payroll rules and regulations. How often are you depositing payments? How do you classify necessary travel and other business-related expenses? What extras do you offer that may be considered fringe benefits? These are the issues responsible for tripping up many businesses and costing owners big fines.
4.Â Existing employees can handle payroll issues.
Even if you have someone trained and focused on payroll accounts, you may find their time is better spent on other issues. Keeping track of compensation, sick days, vacation hours and the taxes involved can be time consuming. If you have one or two employees trying to handle all of your paperwork, they can easily get overwhelmed. Likewise, if youâ€™re hiring someone just to cover your payroll accounts, you may find you save a significant amount by investing in a service instead.
5.Â Our business canâ€™t afford to hire a payroll service.
Most small businesses find that payroll services save them money, even if itâ€™s just a small amount. The real savings comes by way of reducing stress and legal risk. Without books to worry about, you and your staff can focus on money-making activities. With experts in charge of your accounts, you donâ€™t have to worry about penalties and deadlines.
6.Â Payroll service companies handle employee benefits, workerâ€™s compensation, safety planning and other related tasks.
If youâ€™re looking for help with payroll, but may want to hire people to help with other responsibilities later on, start your search with PEO companies who provide professional assistance in many areas. Typical payroll services donâ€™t and wonâ€™t have the expertise or the tools needed to effectively manage your account.
Find the solution to your paperwork headaches today. Call 770-962-1700 to locate one of the top payroll service companies in the area.