Small,Businesses,May,Need,Outs business, insurance Small Businesses May Need to Outsource Payroll
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Is your small business payroll one of those tedious chores you dread each month or every other week? There is an answer you know: outsourcing! Outsourcing your payroll to an firm specializing in the task can really be a time saver and pressure reliever. This article reviews how to know its time to outsource, what your responsibilities are, what to expect and what to look for in an outsourcing firm.How do you know when it's time to start outsourcing your payroll?Well it's pretty logical; when you run out of time! Too easy? Maybe, but it's true. When there aren't enough hours in the day to handle the day-to-day operations, clients and employees the payroll outsourcing, which is one of the first functions small businesses outsource, can be a cost effective strategy for your business. It should be pretty obvious when the right time arrives but you might ask yourself these questions:Are deadlines for payroll deposits being missed? Penalties can be as high as 10%Are you sure about the calculations for payroll tax? If not, you can be assessed with penalties.Do you have a lot of employees? With fewer than 20 or so employees just do the math comparing the cost per hour for what your doing now verses the plan a payroll outsourcing firm can provide.Why start with Payroll outsourcing?Even if youre the most adept business owner and manager, one of the most time consuming duties you have to perform is payroll. There are also some benefits to outsourcing your payroll to an outside professional company.Reduce Potential Penalties from the IRS: If your payroll taxes are filed incorrectly it makes you vulnerable to fines. Outsourcing to a pro can give you some peace of mind that deadlines are being met and deposits are on time.Lower Costs: It could be less costly than hiring a temp, adding to your staff overhead or doing it yourself, depending on your needs.Direct Deposit for Employees: This is a common service that can save the people that work for you a trip to the bank. It also reduces end of the month paperwork saving you some time.Changing Regulations: Hiring a payroll pro can provide up-to-date information you can count on for new regulations, changes in forms and rates of withholding.What services should you expect from a payroll service?Payroll & tax calculationsReportingPrinting and distributing payroll checksDirect depositsIssuing W-2'sPayroll tax filing Deductions for 401KsTracking benefits for employeesWhat is the best way to choose a company to outsource your payroll to and what to look for?One of the best ways is through referrals from friends, other businesses or your accountant or tax professional. You can also start by searching online in your local area. Some things to look for or ask before you make your final selection are:What are their professional qualifications, licenses, experience etc.?Who will be doing the work and what's their turn-around time and customer service policy; how often can you contact them?Will they handle tax filing for you, assume any penalties if filing is incorrect and handle local filing?What do they charge; base amount, per check extra services like direct deposit? Try to avoid excess add-ons in favor of a flat fee.How will you get the data to them and is it secure?Get references from them a permission to contact them>What will you be responsible for?Even if you decide to outsource your payroll, you are ultimately responsible so at least, for the first few months till you get comfortable working with the payroll service provider, be sure to review their work each month. This means you still have to know the laws, regulations and paper work. Just go over it with the provider.At EASNC, we realize the payroll can be a time consuming part of your business but the process of finding a payroll outsourcing firm can be equally time consuming, confusing and disconcerting as to finding someone you can trust. EASNC can help. Our trained IRS enrolled agents will put your mind at ease. Please take the time now to contact us for a consultation.
Small,Businesses,May,Need,Outs