Payroll can be a headache especially when you’re just starting out in a business or you’ve got an expanding workforce which involves you taking on new people, payroll outsourcing can save you time and money among other benefits.
Seven Reasons Why Companies Outsource Their Payroll
Get the Best in Payroll Processing for Less
A payroll outsourcing company is constantly upgrading and improving their ability to provide the best service for you; they upgrade their software and systems on a regular basis, they of course have to keep up with the changes in the law for all 15,000 plus payroll tax entities as they happen.
Deflect Unwanted and Unwarranted Government Interference
Occasionally, everybody misses a deposit or a filing deadline, forgets a form or otherwise makes a mistake that results in a penalty that you have to spend a great deal of time resolving and usually end up paying the penalty anyway. Payroll outsourcing companies greatly minimize the chance that your company will pay any penalties or interest due to missed deposits, late filings, bad calculations, or other clerical and computational errors of your payroll taxes. If a payroll outsourcing company makes a mistake they are responsible.
Protection From Check Fraud Artists who Could and Would Rate Your Bank Account
When you use a payroll company to process your payroll you reduce the number of checks that you write substantially; this not only lowers your accounting costs, your bank fees, and bank reconciliation costs it reduces the checks that can fall into the hands of check fraud specialists. Learn more.
Take Advantage of Tax Credits That you may not Even Know Exists
A payroll outsourcing company should have the ability to check to see if your company or location makes tax credits available for hiring some or all new employees; this varies widely from state to state and location to location.
Upgrade Privacy for you and Your Employees
When you outsource payroll, you actually increase your security and privacy as all the reports are computerized and encrypted, no reports left around for people to see, no boxes of old reports with direct deposit and employee self-service, there are no paychecks or pay stubs to be left in the wrong place for the wrong person to see.
Take a Vacation
With a payroll outsourcing provider, you can input your payroll from any internet-connected computer in the world. You can call on payroll tax experts at no charge; your payroll service provider should have CPAs on staff to answer your technical questions but if you have to talk only to a call center or a clerk then you are not getting the service you are paying for.
Save Time and Money
With an outsourced payroll provider, there are no checks to print, no tedious filing, you don’t have to keep up with tax or software updates, you don’t need to keep up with changes in the law or employment tax, you don’t have to become a payroll professional and of course save money. A payroll provider always have current software available, no costly tax updates, no penalties for small oversights, you have less staff time and training to keep up with changes to payroll and tax laws. A payroll service provider offers you economies of scale on everything from paper checks envelopes to banking fees.
When you outsource your company’s payroll services, it helps keeps your costs down and ensures accuracy thus reducing risk of error. When you decide to outsource your payroll, make sure the payroll outsourcing provider have a very detailed plan as to how they intend to go about it. For more details, visit: http://payrollserviceaustralia.com.au/payrolloutsourcing/