There are many reasons as to why it is beneficial for you and your company to outsource all payroll needs as opposed to hiring in house to manage them. Everything from saving time, money, and stress are just a few of the positive factors in doing so. You also need to consider the benefit of having an entire team of experts backing you and your business, which you will not receive while hiring an in house accountant. Aside from that, you also need to take into consideration the amount of security and peace of mind that you can receive by outsourcing. Here are some of the main reasons to switch over today and the pro’s in doing so.
Time
Time is of the essence! As we all know, there are never enough hours in a day. Outsourcing your payroll to an outside business will save you and your company a lot of time. Many steps go into processing payroll. From gathering employee information, to approving timesheets, updating records, 401K and payroll tax payments, and everything in between. Saving your company time on processing payroll will allow you to focus on other areas of your business as you see fit.
Security
Keeping your company secure and private is another benefit of outsourcing your payroll. When hiring someone to do payroll in house, you are allowing them access to all employee wages, SSN’s, account numbers, and address information. With that being said, someone working there knows everyone’s information which could potentially create conflict and/or invasion of privacy. Outsourcing your payroll eliminates any employee conflict and generates a more private work environment.
Saves Money
Who doesn’t want to save some money? No matter what type of business you own, saving money and reducing some of your overhead costs is key! Not only does outsourcing your payroll save you money on an extra employee, but working with 24hr Bookkeeper can help when it comes time to choose the most cost effective software for your needs. Outsourcing your payroll eliminates added expenses and avoids overpaying for software features you don’t need, which becomes beneficial when managing your cash flow.
Reduce Stress
Speaking of headaches, the whole process of payroll itself can be a headache. Outsourcing can give you peace of mind. Peace of mind knowing that your payroll will be completed accurately and in a timely manner. It also relieves your stress in knowing that the person on the other end can solve any issues that might arise along the way. As a business owner, you have enough stress to deal with, payroll shouldn’t be one of them.This is why eliminating yourself from the process can take a load off your shoulders and be handled by the right people.
Team of Experts
One of the greatest benefits of outsourcing your payroll is the access you gain to a team of experts. Payroll is a continually changing process and can be a language all on its own. When outsourcing, you have a whole team backing you and putting their expertise to work. You also have the benefit of knowing that everything is getting done and getting done correctly without problems that could arise in the future. Not only does this give you confidence in your business, but it also gives your employees confidence in knowing that they will be receiving their pay in a timely manner and with no errors.
No Penalties
Not only does outsourcing your payroll give you peace of mind in knowing that everything is being handled and done correctly, but it also gives you relief in knowing that you won’t be hit with any surprise penalties. This of course ties into saving money and reducing your stress, however it should be noted. You can receive a fine if your employees are not paid on time or if taxes and/or information is not correctly sent to the IRS. These fines can continually increase in the coming days until they are paid in full, which can add up very quickly and set you back. Even a small unknown error can cost you a lot of money and outsourcing your payroll to our experts who can keep a close eye on your filings and requirements can prevent that.
Here at 24hr Bookkeeper, we offer payroll services to all of our clients in the construction industry. We know how important it is to make sure your business is running smoothly and that your cash flow is at its most productive levels. We know that payroll can be stressful, costly, and time consuming, which is why we are here to help. You have enough going on in keeping your business running on a daily basis and we are here to offer a partnership in which we run the financial side of your business so that you don’t have to. This gives you the flexibility and time to focus on other areas of your business making sure each piece fits properly.
For more information please feel free to reach out and one of our team members will be happy to answer any and all of your questions…
