A Palmetto Payroll, we’re often asked by small business owners just how payroll services can benefit their business, and there are a few different answers to this question. Payroll services don’t simply provide one single benefit to business of all sizes, they come with a multitude, and we want to break down just how payroll services can save your business both time and money. From protection to a lessened workload, it’s easy to see the upside of outsourcing payroll pretty quickly when these benefits are realized.
What Do Payroll Services Provide?
A common misconception is that payroll services simply take care of payroll, when in truth it’s so much more. Payroll services also handle bookkeeping, accounting, tax filing and preparation, and many financial aspects of the business, which is why the outsourcing of payroll to payroll services is actually a move most encouraged by business accountants. Handing over your payroll to a payroll services provider ensures that these very important tasks are trusted to professionals who focus all of their time and energy to payroll services specifically.
Top 3 Payroll Services Benefits
While payroll services have various benefits, we want to outline the top 3 that we find help small businesses, specifically, the most. These top 3 payroll services benefits are:
- Saves time and money – Payroll services saves small businesses both time and money simultaneously. With small businesses employing under 50 employees, payroll will often fall to a certain employee or manager to handle cutting the checks and doing the bookkeeping. The time this employee spends handling payroll could be spent putting talents to use in other tasks, but it’s instead spent making sure payroll is sufficiently handled. Also, this method lends itself to human error, with mistakes that will need to be corrected later on. Payroll services are cost effective, and they free up employees to pursue greater productivity.
- You’re protected – Come tax time, payroll services ensure you’re protected from late filings and other errors. According to the IRS, more than 40% of small businesses pay tax penalties of $800 or more per year due to filing mistakes or late filings, and this could be money saved by entrusting these tasks to payroll services. Payroll services also provide an added layer of online security, so you can rest assured funds are being handled and secured appropriately.
- No trial and error – Handling your payroll within your small business can take quite a bit of trial and error to get everything figured out. With the various elements that go in to payroll, making the wrong mistake can be quite costly. With payroll services, trial and error are a thing of the past as your payroll is handed over to trusted professionals.
