Do you get a headache every time you think about the hundreds of legal and regulatory changes that occur in payroll processing each year? Do tax calculations make you nervous and keep you up at night? As a business owner, why spend your time on administrative bookkeeping and HR tasks when you can be using that time to better serve your customers?
Outsourcing your payroll can save you time and money, not to mention a headache or two. Payroll Specialties NW highlights five things to consider in choosing the right payroll specialist for your business:
Errors in bookkeeping as they relate to tax issues put many businesses in trouble every year. In fact, according to an article by Inc.com, the IRS penalizes about one out of three business owners for payroll errors. It’s the top pitfall of conducting payroll processing in house because every year, federal, state and city notices, levies and changes increase the likelihood of errors if you are not immersed in the world of payroll every day. Also, a certified payroll professional company can work with tax authorities if problems with tax penalties or interest arise to give you additional peace of mind.
An experienced payroll provider will cover all your business needs, including web-based and traditional payroll processing, employee time and attendance solutions, and other HR services, such as employee screening, background checks, and hiring and termination best practices. The options are endless, but a good payroll professional will also work with your business to understand what combination of services will be the right fit. For example, you might want to offer paycards as a method of payment if many are under- or un-banked employees on your payroll.
You need to hire someone that you can trust with the sensitive data involved in handling payroll and taxes. To do so, look for an established payroll company, backed by a strong history, client testimonials and a solid reputation. Read reviews and ask for recommendations within your business community. It’s common for finance controllers and comptrollers to share their referrals, especially if they have great relationships with their payroll providers.
Businesses are unique and diverse. These days, even small businesses with 4 to 5 employees expect payroll services, 401K, benefits and more. However, the administrative tasks involved with providing a comprehensive employee package keeps you away from your core business operations. To streamline payroll and employee time tracking, you need a payroll specialist that can do it all to ensure accuracies and remedy discrepancies along the way.
The valuable time and energy you spend figuring out how much money you have to give away could be spent actually making money. Even if you are a very hands-on business owner, keeping up with payroll processing, quarterly reports and constantly changing federal and state taxes can be a full-time job. Working with a professional payroll provider may be the best investment you’ve ever made.
For more information about PSNW’s services and business resources, please submit an information request form, and one of our certified payroll specialists will contact you shortly!