If your business has employees, which many businesses do, payroll is something that you’re going to have to get familiar with at some point. Although having control over every aspect of your business is essential to any business owner, feeling as though you need to perform all of the functions in-house can be a recipe for disaster. When it comes to payroll, you may think that it will be easy to do yourself, but with all of the regulations and complex rules, outsourcing it may be the right move for your business. So, consider your small business payroll situation and ask yourself, “Should I outsource it or do it myself?”
About Payroll Management
When you have employees, you’ll need a payroll system in place in order to pay their salaries or wages properly. Not only is this an integral part of your business, it must be performed with accuracy, since it is subject to federal, state and local regulations. There are specific rules that you’ll need to adhere to, which means that there’s no room for error in this part of your business, and if you’re trying to do this in-house, it may prove to be quite a stressful situation. After all, payroll and the associated taxes can have a big impact on your business’ net income.
The Risks with In-House Payroll
Choosing to do your own payroll may result in increased costs and time, not to mention increased risk. Let’s face it…if you’re not a payroll professional, you have the potential to make some serious errors on your learning curve. If incorrect figures are entered, your employees may hold your negligence accountable and may even employ the help of a legal professional if matters escalate. So, before you decide that in-house payroll will work for your business, ask yourself if you’re ready to place yourself in that type of risky situation, which has the potential to impact your business in a big way.
The Benefits of Outsourcing Payroll
Choosing to outsource your payroll responsibilities to a professional can help alleviate some of these risks and give you more peace of mind in the situation. Other benefits associated with outsourcing payroll include:
More time to run your business
Expert guidance and expertise at your fingertips
Less risk for error
Increased business growth
Having someone on your side who knows the strict rules and regulations of payroll management can help prevent problems in the future. Many businesses employ the services of an accounting firm that offers payroll management as part of their arsenal of services. This helps you, as a business owner, because you get to focus on growing your business and your payroll professional can get to work doing their job. Together, you can work hand-in-hand, helping to ensure that your payroll responsibilities are being handled accurately and timely.
Your Payroll Professional
Have someone who is there for you. Have someone on your team who has your company’s best interests in mind, and have someone who knows the ins and outs of the payroll system. One mistake can wreak havoc on the success of your business. It’s not worth the risk.
The payroll professionals at Bodine Perry are ready to help your business with its payroll needs! Call (855) 851-8318 or visit www.bodineperry.com to learn more.