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Your Business Online

Should You Outsource Your Payroll?

As a business owner, we know you’re continuously looking for ways to save money and make your business run more efficiently. With this in mind, have you considered the benefits of outsourcing your payroll?
 
Free Up Time to Focus on Your Business
Payroll can be very time consuming, and staying on top of current requirements such as taxes, wage and hour laws, and more may be taking away precious time from your business. Outsourcing payroll may allow you more time to focus on your core business and increase sales.
 
Limit Your Risks
One obvious risk with in-house payroll could be losing your payroll employee’s knowledge if they decide to leave unexpectedly. You also have the risk of paying IRS penalties if reporting and other requirements are violated. “According to IRS figures, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings.” * By outsourcing payroll, you can limit all of these risks. Most national payroll services even provide a tax guarantee.
 
Access to Expertise
By having access to outsourced payroll expertise, you can have peace of mind that the payroll software and tax tables are up-to-date. More technology will also be available including direct deposit, payroll information online, and even mobile payroll apps for both employers and employees.
 
If you decide to outsource payroll, make sure you shop around. Take a look at pricing, complementary service offerings (such as benefits and HR services), the company’s technology, and their track record. FORUM Commercial Group offers cash management solutions including payroll outsourcing. They would be happy to give you more information during your research gathering. Call 317.558.6299 and select option "0".
 
*http://smallbiztrends.com/2014/11/outsourcing-payroll-tips.html

 

 

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