As a small business owner, you’re a natural DIYer. You’re frugal and ready to work hard to keep overhead low.
But wait. Before you take every business task on yourself, consider whether doing every back-office task on your own really saves you money. The answer might surprise you.
Outsourcing payroll to a business services firm can save your business money in the long run. Plus, it gives you peace of mind that your employees — and the government — are being paid correctly and on time.
Protection from Errors
Let’s face it: Payroll is complicated. It’s not just about paying your employees. It’s about managing their hours, benefits, paid time off, federal and state taxes, and anything else that comes out of their paychecks like child support or wage garnishments.
Mistakes can be time-consuming and costly. Writing for Entrepreneur, Mie-Yun Lee said:
The Internal Revenue Service has reported that one out of every three employers has been charged for a payroll mistake, with total penalties reaching into the billions of dollars. And given the ever-changing nature of tax regulations, it’s easy to make an error that can grossly affect your bottom line.
A professional business services firm will know the ins and outs of payroll and can offer you protection from costly mistakes.
If you only have a few employees, all of whom are salaried or working regular hours each week, payroll might not take too much time. But if you have a larger staff with varied hours, or if you’re looking to grow, outsourcing payroll can save you a lot of time. That’s time that would be better spent serving customers and growing your business.
Even if you have an employee dedicated to doing payroll, consider whether their time would be better spent on tasks that could grow your business. And keep in mind that doing payroll in-house opens the door to issues like identity theft, fraud and embezzlement.
Partner with a Pro
At the Numbers House, we specialize in helping small businesses succeed. Whether that means startup services to get a company started right or continuing back-office support for bookkeeping, accounting, taxes and payroll, we want to help entrepreneurs realize their dreams. To find out more, call us at (865) 294-7300 or email firstname.lastname@example.org.