Tuesday, August 31, 2010

Great Reasons to outsource Payroll

I have come across several small businesses with payroll and IRS issues when they attempted payroll on their own.  Even a small business with few employees should consider outsourcing of payroll.  While peace of mind may be reason alone for outsourcing payroll, below are additional reasons why outsourcing payroll services may be a great solution for your small business:
  1. Save time by letting outsourced payroll specialists do the work.
  2. Generate money by focusing your time on building your business.
  3. Avoid penalties where errors in federal, state and local taxes and filing requirements may be avoided.
  4. Reduce costs by comparing in-house processing wages to outsourced processing fees.
  5. Avoid the hassle of needing to stay on top of payroll rules and regulations.
  6. Economically Add employee benefits such as direct deposit and 401(k) plan options.
  7. Avoid payroll processing headaches having to upgrade in-house software.
  8. Leverage outside expertise on regulations, withholding rates and government forms.
  9. Eliminate payroll disruption if your payroll person leaves.
  10. Security, most payroll services firms have technologies that can spot and alert clients to various types of payroll fraud.
  11. Have all reports and forms filed timely.
  12. Ability to leverage multiple payment options.
  13. Small Business Accounting Systems such as Quickbooks have interfaces to major payroll vendors in addition to their own outsourced payroll service.  For those utilizing many of Quickbooks features, Intuit's payroll services should be considered.
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