Your small business is doing well. In fact, the profits are increasing from one year to the next. That means the demands of running the business are on the rise too. Now is a good time to start looking at outsourced payroll services and get an idea of what they can do for businesses like yours. Here are some examples to consider.
Freeing Your Time For Other Tasks
Greater business volume means more tasks that must be completed in less time. While the business is growing, the number of hours in each day remain the same. If you’re finding it difficult to keep up, outsourcing a function or two is the answer.
The payroll is as prime example of something to outsource. It’s something that must be done correctly and on time. By placing the task in the hands of professionals, you can turn your attention to other tasks needing more attention.
Keeping Expenses Lower
While more business volume does mean more generated and collected revenue, keeping expenses lower does result in greater net profits. This is another area where choosing to outsource the payroll functions can help.
If you keep the payroll in house, that means needing employees to manage the calculations, the withholding, get the checks ready every pay period, and ensure the funds transfers are managed on time. Instead of paying employees for these functions, hire a service. You’ll pay one monthly fee that’s considerably less, and everything is still done on time.
Expert Advice When Needed
Along with managing the typical payroll functions, it’s not unusual for services to offer more support for additional fees. That’s handy when you need some sort of help on a one-time basis. Instead of wondering where to find the answers, reach out to an outsource partner that you know and trust.
For example, consultations with outsourced payroll services can provide information about pending changes in withholding practices, get answers about setting up transfers to more than one account per employee, or how to handle calculating and paying commissions or fees to new independent contractors. The advice you receive ensures that you remain in compliance with current labor laws.
No Worries About Forgetting to Remit Taxes
Taxes are a fact of life. It’s important to make sure the tax funds withheld for your employees are remitted to the right agency without fail. In addition, the employer taxes that you need to remit for the business also deserve attention.
There are payroll services that offer this type of support. You have access to your account that includes notifications of what taxes are collected, when they will be distributed, and which of your business accounts will be used to handle the obligations. All you have to do is review the plans, and make sure the money is there to cover the obligations.
There are more reasons why outsourcing to a reputable payroll service is a good fit for your small business. Talk with an expert today, and learn more about how these programs work. Once you sign up and try it for a month, you may wonder why you never thought of doing this before.