If you run a small business, you know how important it is to have your employees get paid on time. However, when you’re stuck doing the books yourself, or if you have workers who can’t keep up with the demands of payroll processing, then your employees can become aggravated, and this only creates more headaches for you. Fortunately, there are plenty of small business payroll solutions available to help out entrepreneurs like yourself: outsourcing payroll processing to a larger company.
When your business falls behind, it may be time to rely on an outsourcing company. Here are some frequently asked questions about small business payroll processing and this process in general:
· What is payroll processing? Payroll processing is a way to make payroll and bookkeeping functions easier for your business. In addition to cutting paychecks, payroll processors can also handle a variety of HR functions, from distributing benefits to answering any legal questions you may have about hiring, firing, and anything in between in your state.
· What is payroll processing for small business? Payroll processing for small businesses is just like regular payroll processing, only it can be tailored to your company’s needs. It is necessary because it takes some of the burden off of you as you run your business. Payroll processing companies can also help you prepare your taxes when you need them, and they are up-to-date on all of the necessary tax codes and other regulations.
· What are the benefits of payroll outsourcing? There are several benefits to outsourcing payroll, but one of the biggest is that you’re getting expert advice from a company that specializes in human resources. That can also mean big savings comes tax season: the IRS reports that 40% of small businesses are penalized $845 due to errors in payroll and bookkeeping. Also, payroll and employment laws change frequently, so a payroll company can help reduce the risk of legal trouble by helping you avoid breaking the law.
· What is payroll processing from an outsourcing company going to cost me? The costs will vary depending on what services your company requires. However, with the payroll duties taken care of and the tax and legal advice they can offer, outsourcing your payroll could be a very good investment.
If you have questions about payroll processing, speak to a payroll specialist or leave a comment below.