Out of the thousands of small businesses here in Colorado, a large percentage of them outsource their accounting and payroll management. If you are a brand-new business, or you haven’t yet considered hiring outside payroll help, this year may be the time to do it. Seasoned entrepreneurs know that delegating and outsourcing tasks is key to growing a successful business.
There are many potential benefits to outsourcing your payroll, and here are just a few to get you thinking:
1. Free up your time
Processing payroll can take a lot of time, no matter how many employees you have. Continual pay periods, double-checking financial and insurance data, and handling employee issues/complaints around paychecks can eat up many hours in the month. Think of all the other things you could be doing with those hours instead!
2. Reduce error rates
When you let an outside professional accounting or payroll firm handle things for you, you can rest well knowing that there will be fewer errors to deal with. A specialized CPA will be well-versed in payroll and will know exactly what to look out for. Handing over the reins can ensure greater accuracy.
3. Enhance security
Payroll processing can be risky, even in the hands of trusted employees. Things like ID theft, embezzlement, or records tampering are real threats to any business. Additionally, DIY payroll software programs may not offer the kind of cybersecurity that your customers deserve. A 3rd party payroll processor can provide much greater security for you and your employees’ sensitive information.
4. Gain expert guidance
For many small businesses, it pays to work with an outside accounting and payroll firm. Professionals can spot errors, offer tips to maximize your writeoffs, and help you come tax time. Entrusting your payroll processing to an outside provider may give you access to their wealth of knowledge, and may save you time and money down the line.
5. Adhere to government guidelines
The last thing any business owner wants to deal with is an audit or any kind of governmental penalty. And handling all your payroll yourself may put you at risk for these things! Go with a trusted 3rd party accountant, and you can sleep easy knowing that everything is in compliance, and your books are clean and clear.
Want expert help with your business payroll this year? Get in touch with us at S.J. Wick & Associates and ask us how we can serve you.