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Why You Should be Outsourcing Your Payroll (If You’re Not Already)

About 40% of U.S. businesses outsource their payroll processing. Though there are ways to do payroll in-house and now even apps to use for payroll, small business owners see a major benefit to outsourcing. 

Payroll is a multi-faceted operation. It includes benefit deductions, new hires, terminations, garnished wages, regulation changes, and paid time off, not to mention the physical process of calculating, printing, and distributing the checks and submitting the appropriate taxes.

If you got overwhelmed reading that last paragraph, we don’t blame you! Take a look below at the major arguments in favor of outsourcing.


Time!

It can be repeated time and time again (see what we did there?): Time is money, especially when you’re the boss. As a small business owner you’re busy, you’re frazzled, you’re tired, and you’re overworked. If you can, you should absolutely pursue any opportunity presented that saves you time. 

Money!

If time isn’t a powerful enough motivator – let money and cost savings be one as well. 

It may seem expensive to use an outside service, but it is 100% worth the money. It will save money in the long run, both real money and “time” money. Time you can invest somewhere far more valuable than handling accounting in-house month after month. 


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Data security

Do you want the pressure of managing sensitive employee data? Do you know what needs to be done to avoid potential identity theft? We didn’t think so. Don’t take on the pressure of keeping data secure if you don’t have to. Leave it to the experts.

Compliance with Government Procedures

Again, do you think you’re an expert at government compliance? Likely the answer is no. Don’t spend your precious time catching up with changes in employer tax laws. You will save time (money) and avoid potential IRS penalties for errors. 


Ease of Use for Employees

Employees like access to their payroll information. It’s unlikely you can provide this if you prepare payroll in-house. But many payroll companies have a portal for employee access allowing them to look up earnings history, benefits, and more. 

Another benefit of payroll services is direct deposit. Most of the time it’s costly and very difficult to have direct deposit without an outsourced payroll company.

Stress!

Last but not least, you do not want the added stress of payroll. You want it to be processed and your employees paid whether you are at work, on vacation, in the hospital, or at your child’s soccer game. You want it to run like clockwork and you want it to be correct and compliant.

As you can see, the benefits of outsourcing payroll are time, money, peace of mind, and more. We hope you consider making the shift – you won’t regret it.


Looking for more advice?

Overcome the challenges facing small to medium sized businesses with help from some of the expert advice below… 

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