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Why Your Business Needs a Payroll Solutions Provider
Saturday, 01 June 2019

 If you outsource payroll make sure you find a well respected payroll solutions provider. Keep reading for why your business needs a payroll solutions provider.

 Are you one of the 40% of small business owners who dread bookkeeping and taxes? Handling payroll, taxes, and other financial aspects sucks up a lot of time and leaves you open to potentially costly mistakes.

You can't ignore the payroll problem once you have employees. But you can make it easier on yourself with a payroll solutions provider. 

Outsourcing your payroll gives you access to a payroll expert without the cost of hiring a full-time employee. 

Keep reading to find out more benefits of hiring a payroll solutions provider.

Save Time on Payroll Processing

Unless you own a payroll company yourself, running payroll probably isn't your strength. You know your own business. But crunching the numbers for salaries, vacation time, retirement fund contributions, and other deductions doesn't always come naturally.

Since you aren't a payroll expert, the job takes you longer to do than it would a pro. Your time is better spent focusing on your area of expertise. By choosing a payroll solutions provider, you free up your time to run your business.

Online payroll solutions offer different services to fit your needs. A paystub maker can help you create paystubs faster. A full-service company can handle everything. 

Cut Staffing Costs

If it takes you too much time to do payroll, the next logical option is hiring a payroll staff. For a small business, you may not need a full-time payroll person. 
The cost of hiring an employee goes beyond the salary. You also pay benefits, taxes, recruitment, and training costs. Add in the cost of space for another employee and equipment like a computer and software, and it gets expensive.

Using a payroll provider usually saves money. You only have to pay for the work they do. If you have a small team, it won't take long for a professional payroll company to do the work.

Reduce Potential for Errors

DIY payroll puts you at risk for errors. If you're not familiar with the process, you may make mistakes in your calculations. That can cost your company money.
Even worse, mistakes upset your employees if they work against them. They count on getting paid the correct amount. The last thing you want to do is shortchange your employees and leave them feeling frustrated.

Payroll mistakes can really hurt morale. Getting it right the first time keeps your valued employees happy and may help you keep them.

Meet Payroll Compliance Requirements

Payroll involves more than multiplying an employee's hours times the pay rate. You need to take deductions for taxes, retirement funds, benefits, and any other obligations. Messing up those calculations or failing to do them at all can cost you in fines and penalties.

Ensure Timely Paydays

Employees expect accuracy on their paychecks, and they also expect them to be on time. With 78% of Americans living paycheck to paycheck, getting money to your employees on time is essential.

If you're doing payroll yourself, any delay in processing can mean your staff gets paid late. Expect to hear from them the second the money doesn't show up on time.

One of the benefits of a payroll solutions provider is knowing they'll pay your employees on time. They usually offer direct deposit as an option for even faster access to money.

Consider a Payroll Solutions Provider

Do you dread processing payroll? Hiring a payroll solutions provider can cut down on that stress and leave you free to handle income-generating activities for your business.

Read more of our business articles for other tips to help you run your business more efficiently.


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