If you own a small business and you handle your own payroll processing, it is time to consider the benefits of hiring a company specializing in payroll to process your employee’s paychecks. Outsourcing payroll services is one of the best solutions for business owners who want to free up their time. If you are not familiar with all of the benefits of outsourcing, review 5 of the top benefits and make a wise choice for the sake of your business.
Small business owners who handle their own payroll processing will spend hours each week calculating the hours and cutting checks. If you are tired of being responsible for this time-consuming task, hiring a company who will perform online payroll processing for you is the best choice. With the time you save, you can focus on core tasks like sales and customer retention.
2. Hiring the Right Provider Can Help you Reduce Costs
When you process your payroll or you pay an employee to do the job, you are paying a pretty penny just to process checks. In fact, studies show that a small business pays almost $3000 per year just on the labor costs that are associated with payroll processing. When you hire an outsourced payroll processor, you can save money on your operation costs without compromising the quality of service.
3. Offer Your Employees Direct Deposit
If you do your own online payment processing, managing direct deposit can be difficult. You need to keep your loyal employees happy and offer them direct deposit if you want keep your employees around long-term. When you outsource your payroll processing, you can offer direct deposit without worrying about errors. This will make your employees happy and will ultimately benefit your business.
4. Avoid Potential IRS Penalties
Did you know that almost 40 percent of small businesses will pay penalties to the IRS because of incorrect filings and short payments. If you want to prevent paying the IRS extra money in penalties, you should consider outsourcing payroll services with a tax guarantee. This guarantee means that you will not pay penalties and if you are penalized, the company will take the responsibility for the penalties.
5. Quality Assurance
You cannot stand behind your bookkeeper to make sure they are doing their job right every moment of the day. When you trust an online payroll processing company, you will have peace of mind in knowing that the company monitors their controllers. This means that you benefit from the quality assurance procedures without having to put them in force yourself.
These are just 5 of the many benefits associated with outsourcing payroll services. If you want to save money, save time, and save yourself potential penalties, you need to hire a reputable company you can trust. One Price Payroll offers the best online services in the industry at a fair price. Price the cost of their payroll services and take the burden off of your shoulders.