Do you know about these 3 important benefits earned when you choose to use a payroll service provider?
We all know that using a payroll service helps you – the business owner:
- save time (and possibly frustration)
- information on the latest laws and regulations
- communications to employees including worker’s rights
- assistance with hiring: paperwork from I9s to W4s, and background checks
- support with HR related issues and legal guidance
- guidance in the area of termination or resignation
It also helps you in these potentially exorbitantly expensive areas:
1) Staying compliant if there are mistakes or errors in employee taxes – especially local ones that can change without you being notified by the town or city of residence by the employee.
2) Documentation of reimbursed and non-reimbursed expenses – and how this relates to taxable income.
3) Insurance to cover and protect you and your business if payroll filings were not made on a timely basis.
So, while there is a cost, the time value of money is probably outweighed merely by the effort it takes a general business owner. If that is not the case for you, then compare the time spent on payroll processing and where that time would be better used. Activities a business owner likes to do best – such as seeing their clients, working to help customers, and spending time with family. The “over the top” value comes in with the intangible of avoiding legal and tax related fines and bad-press of a payroll glitch. No one wants that kind of publicity.
Considering a payroll service or changing to a new one? Reach out to us, we can share more insights and if needed, a referral suited to you and your business. After all, one of our mantras is to streamline the business to make it more efficient and more profitable to the business owner.