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Starting and managing a small business is a lot of work. From money management to motivating employees and everything in between, you have a lot on your mind. The key to successfully managing your small business is delegation. There is not enough time in the day for you to do it all. It’s absolutely vital that you take a leap of faith and trust others with specific tasks. One of these tasks includes: payroll. According to a recent study by Inc. Magazine, the #1 task for small businesses to outsource is payroll. Payroll, and other accounting services, is the best thing to outsource for several reasons.
Payroll processing is a time-consuming task, especially for a small business owner. Having the business owner or other key personnel focus on payroll takes them away from other important tasks. Small business owners often find themselves managing payroll or asking another executive to do so and because they are finding that other vital tasks are not being met. By outsourcing your small business payroll, you open yourself up to completing those other vital tasks. You will only be expected to make contact with the payroll company once each pay period. And payroll online capabilities make this easier than ever before.
Small business owners may hesitate to outsource due to additional costs. However, this is a common misconception. Payroll outsourcing is actually less expensive for a small business than doing it in-house. In fact, it actually costs less to outsource payroll than to have a full-time (or even part-time) bookkeeper on staff. As we mentioned above, outsourcing payroll allows key personnel to focus on their primary duties. And after all, saving time means saving money. So if saving money is important to you, as it is to most small business owners, then outsourcing payroll is the way to go.
Another benefit to outsourcing payroll which is often overlooked is the added bonus of outside expertise. When you manage payroll in-house, it’s not your primary focus. You likely do what is needed to get it done in a timely manner. The fact of the matter is, constantly changing regulations are hard to keep up with. According to IRS figures, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings (Small Business Trends).
The benefit to working with a third party is it’s their job to be experts on payroll. Professional payroll processing companies are knowledgeable about compliance with government regulations, such as ACA compliance. They know compliance like the back of their hands. In addition, payroll expertise comes with enhanced security. Professional payroll companies, like Future Systems, are well-versed in data security. By outsourcing, you can ensure that your data is stored within highly-secured servers, helping to prevent identity theft, data tampering and embezzlement.
If you are a small business owner interested in outsourcing your company’s payroll, Future Systems, Inc. can help. Contact our payroll processing experts today to learn more about our payroll services for small businesses.
- Your Team at Future Systems