How Can Small Business Payroll Services Change Your Bottom Line? Find Out
Why are small business payroll services being ignored?
Starting a company and having the knowledge to handle small business payroll services are two different things. You’re great at what you do, so maximize the impact you can make by hiring out jobs better suited to someone else. Create a system of experts so every dollar and every minute you spend lends itself to increased profits. Here are just a few ways hiring out can pay off:
Save on Software and Equipment
Payroll software is constantly changing to take advantage of the latest developments in business tech. For instance, today’s top programs have mobile components, allowing for reports to be run and information to be entered over tablets, cell phones and other smart devices. They also can integrate seamlessly with your other accounting and business software.
These improvements often rely on modern hardware developments, meaning you may need to upgrade your software and your devices and computer components on a regular basis. The alternative is using outdated software, which presents security risks. (You didn’t expect developers to update security patches for outdated programs, did you?)
Save on Training
The IRS is constantly changing their rules on payroll tax filing, whether it’s the amount you owe or when it’s due. The process you learn your first year handling business can be significantly different from what’s needed the next, a move many business owners don’t see coming.
In order to protect your assets and prevent mistakes, it’s imperative that whoever handles your payroll is up to speed. The cost of the training—plus travel and dining expenses, should they apply—could easily be more expensive than hiring a small business payroll service.
Save on Man Hours
DIY savings are harder to come by for businesses than for homeowners. Instead of thinking of in-house help as free, figure out how much time is being spent on payroll and how much you’re paying for that help per hour. How much are you really paying for your payroll to be done? More importantly, what isn’t happening during these hours?
Most of the time, the boss or a senior manager is taking care of sensitive paperwork during times when they could be driving sales. A loss in productivity, or in essential support when it’s needed, can have a serious long-term effect on the success of your company.
Save on IRS Fines
According to the Internal Revenue Service, 40 percent—nearly half!—of all small businesses are penalized for payroll mistakes. There’s an inexhaustible list of ways to flub up the books. Did you know, for instance, that gift cards or certificates given as rewards or holiday gifts must be counted as cash payments, just like salary? Did you know if you mistakenly classify employees as “independent contractors,” it can cost you thousands per person in fines?
Small business payroll services can clean up your act, making sure you’re operating legally and not at risk for big fines. They greatly lower your chances of making mistakes and running afoul of the IRS, and chances are, they’re much more affordable than you expect.
There’s no harm in pricing small business payroll services. Start out on the right foot by getting quotes from the best in the business. Call 770-962-1700 to speak to an Einstein HR representative today.