Outsourcing Payroll Is the Right Thing to Do for the Peace of Mind
Even the most experienced professionals find that payroll can be a headache. For the first time, doing it in-house might alleviate the headache, but actually it just makes things worse.
Payroll processing inside your business is a time-consuming process. Keeping track of benefit deductions, garnishments, new hires and terminations, paid time off can be frustrating tasks.
For many businesses, payroll services offer an attractive and valuable alternative to in-house processing. Chosen correctly, they provide a less expensive, simpler means of paying your employees, filing your taxes, and performing a host of other duties these companies are too busy to do.
Without the proper knowledge of payroll procedure and access to a sound payroll program, it's easy to make mistakes. A constant question for business owners is whether they have the latest version of their payroll software and the most recent tax tables installed on their computer. Using the wrong tax tables can result in stiff penalties. Outsourcing payroll removes those headaches and keeps payroll running smoothly.
Using a payroll service generally makes sense if your payroll changes with each pay period. If your company has employees working varying amounts of hours each week or has a significant turnover rate, a payroll service can be a time-saving and cost-effective alternative to internal processing. Using a payroll service can also be helpful if you have to pay payroll taxes for multiple states.
A payroll company's basic services include calculating payroll and tax obligations for each employee, printing and delivering checks, and providing management reports. Paychecks can be issued on a weekly, bi-weekly, monthly, semi-monthly or yearly payroll basis.
Besides offering the services you require, a payroll service should offer a high level of customer service. Unlike some other business services, you will need to communicate regularly with your payroll provider. There is no more doubt, outsourcing payroll helps your company away from unnecessary problems.