Top 5 Reasons to Hire a Local Payroll Company
Many business owners are finding themselves growing in the area of staffing and payroll to the point that it has become more challenging manage than anticipated. Payroll is a very specialized form of accounting that requires very careful attention to detail. As a business owner, you may find it more of a struggle to deal with all of the intricacies that are associated with processing payroll and staying in compliance than simply outsourcing the services to a local professional payroll processing company. Particularly one that is capable of addressing the requirements and the many changes that arise within the payroll processing sector. If you have become overwhelmed by processing your company’s payroll and are in need of a reliable solution, then you may find the top 5 reasons to hire a local payroll company indicated below useful.
1. It Saves Time and Increases Productivity
Regardless of whether or not you have a small staff, a midsize staff or a large staff, taking on the responsibilities of processing payroll requires a large amount of time and expertise. This takes time away from your busy day and decreases your ability to be productive since you are also responsible for the day-to-day business activities that are directly associated with generating sales. Whenever you as a business owner are responsible for the company’s payroll, you are required to stop midstream to prepare payroll information before any payroll related deadlines. This not only causes an interruption in your day, but you also become the go-to person for all payroll related questions that may arise between pay periods. This bombardment usually comes as a result of changes in employee status, the reporting of sick leave, vacation leaves, bereavement or other leaves, overtime pay, wage garnishments and areas that affect employee’s wages. So in essence, what that means is that your attention will constantly be divided. Not only during the regular payroll processing period, but also between pay periods as well. Mainly because you are the person responsible for dealing with payroll processing and all of its issues. Working with a local professional payroll outsourcing company will not only take the load off but – they will also allow you to save time and focus on your business operations so that you can generate more sales. And because they are local, it makes it easier for them to become involved in the day-to-day payroll issues that arise between pay periods.
2. It Reduces Errors and Increases Efficiency
Let’s face it, each time payroll information is input, whether through a software program or done manually, there’s a greater increase for human error. There are many components that need to be input during a single payroll processing period; and with the many changes that take place in between, there is even a far greater increase of error. An outsourced local payroll processing company is highly skilled at inputting payroll data and making updates to employee’s payroll records in a very efficient manner. And because they are local, they are more readily available to address issues as they arise – resulting in fewer errors and greater efficiency -and consequently, much more accurate payroll records.
3. Maintain Government Regulations by Staying in Compliance
As eager as you may be to process your own payroll records, most business owners are not well versed when it comes to keeping abreast of regulations and staying in compliance with the various payroll tax laws that have been set forth by the federal and local governments. Not only do local payroll processing companies have an understanding of federal regulations, but they also have an understanding of local regulations as well and how they could have an impact on your company. They are able to make sure that your company stays in compliance on a local and federal level, which could save you thousands of dollars in fees due to noncompliance.
4. Stay on Track and Meet Payroll Tax Filing Deadlines
As a business owner, you may be unaware that in addition to meeting payroll deadlines associated with your regular pay period, but there are other deadlines that you must meet as well. Such as your local state payroll taxes that must be paid on a monthly, quarterly or annual basis, which depends on your business’s specific requirements as set forth by your local government. There are also other requirements that must be submitted in a timely fashion as well, such as I-9 forms which must be processed immediately upon hiring new staff members. In addition to that, there are annual documents that must also be met based on your local state’s requirement. This is where a local outsourced payroll company can really flex their muscle. They are aware of all of the local deadlines, local tax rates and the changes that take place each year. Working with outsourced local payroll company will ensure that you stay on track and meet all of your payroll and payroll tax-related deadlines.
5. Increased Security and Peace of Mind
If you as a business owner have assigned the task processing payroll to another staff member, you’ve also increased other risk factors as well; Such as security breaches, identity theft, fraud and compromising confidentiality. Not only are local payroll processors trained to have an understanding of the inner workings of payroll and its regulations, but they are also well-trained in areas of ethics, maintaining confidentiality and being able to identify security risks. If your employee’s confidential payroll information is exposed or inadvertently placed in the wrong hands, your company could be liable for these issues. A local payroll processing company can provide you with peace of mind by knowing that your payroll data is not only prepared accurately and professionally but that it is also safe and secure in a local yet easy to access professional setting. And as a result, you will be able to interact with our payroll support staff in a very fast and convenient manner.
Our local payroll processing company focuses on customized services to benefit local clients like you. Our in-house staff is here to help. Please contact our office today.