Any business owner, whether large or small, knows that payroll services are invaluable to their business. Taking the time and making the effort to hire the best, most productive, and brightest employees for your business, advertising your brand and business in the appropriate markets, and educating and training your sales staff are all critical first steps of any new business owner. By giving focus to these important steps you pave the way for attracting new clients and even maintaining relationships with existing clients. It is important for business owners to recognize that, though these are steps that are, over time, mandatory to your successful business, there are other aspects and components of your business that, even though they are not income generators, are crucial to your business nonetheless.
With that said, one of the most common non-income generating functions of many a business is that of payroll processing. The benefits of your payroll processing are many, but are rarely visible or comprehensible to new business owners, which is why the experts here at Tax Alternatives strongly suggest you rely upon our highly skilled and trained staff to handle all your payroll service needs.
As we mentioned there are a variety of reasons and/or benefits to having our team take care of your payroll services with the first being ‘compliance with the law.’ The average business owner, over time, spends more money than is necessary primarily because of inaccurate record keeping of their employees’ time, attendance and PTO. Further, most business owners are not knowledgeable when it comes to employment taxes, withholding laws on local, state and federal levels and other tax issues as well. Remember, just because you are not knowledgeable or perhaps simply don’t understand them, does not mean that you do not have to comply with them. If mistakes are made in these tax areas, business owners may very well find themselves paying some pretty hefty penalties and/or fines on time.
However, when you hire the professionals here at Tax Alternatives who provide experienced payroll services among our other services, then our staff takes on all the responsibilities of all components of your payroll services. We will maintain accurate employee and payroll records, file all the appropriate forms, and remit all the required taxes in accordance with required timelines and schedules.
Another benefit of contracting the services of a professional payroll service company is ‘minimizing expenses.’ Though you may be privy to the fact that it is essential that payroll be processed, it is every bit important to recognize that maintaining an internal payroll department within your company, though it sounds appealing, will actually cost you more money. Why? Simply put, the fact that you have to pay salaries to all those that are maintaining your payroll department, as well as pay the expenses to maintain the office/department and also purchase all the necessary equipment and supplies for the department can become quite costly. Further, as mentioned above, an average company will spend more money on their payroll because of inaccurate record keeping of their employees’ time, attendance and PTO. Also, many business owners, again, perhaps because of their lack of knowledge and know-how, end up paying a good amount of monies each year in fines and penalties for either late tax filings and payments or incorrect tax filings from year to year.
One final benefit of contracting an outside payroll service provider is ‘access to appropriate technology.’ When starting out in business, many business owners simply purchase off the shelf business software for accounting. This is all well in good at the very start of the business, but when your business begins to grow and you start hiring more employees, you will have no choice but to increase the employee and business records you will then have to maintain. If your technology and software does not meet with these payroll service demands you can ultimately slow down the growth of your company. In today’s world employees expect certain services and perks with their jobs, including direct deposit of paychecks and instant online access to their own payroll information. If your company is not able to provide these benefits, you will surely find yourself at a tremendous disadvantage when you compare yourself to your industry competitors who do offer these benefits.
With all that we have shared here, you can certainly understand how outsourcing your payroll services would be quite beneficial to your business and its overall success over time. If you are a business owner that is still processing your own company payroll, then now is the time to contact the professionals here at Tax Alternatives for a free consultation. We will analyze and assess your business situation and needs and customize a payroll plan that is specific to your company needs and to the well-being and satisfaction of your employees as well. What are you waiting for? Contact us today to schedule your free consultation.