Did you know that approximately 40% of mid-sized businesses in the US face penalties due to incorrect payroll filing? It’s an important job and one that has to be done correctly the first time. Your payroll can be taken care of by an individual or an in-house team. Alternatively, you can hand the responsibility off to the experts and outsource payroll.
External companies that handle all or some of your payroll functions save you time and money. They ensure your business is compliant and they offer a range of services to suit your needs and budget.
Learn more about the benefits of outsourcing payroll in this quick guide.
Outsource Payroll to the Experts
Payroll actually requires a good deal of expertise. There are laws to know, software to master, and many hours involved. If you don’t have the in-house skills to do all of that, you’re better off outsourcing to the experts.
You may choose to outsource payroll to an accountant or accounting firm, a bookkeeper, or a company that specializes in payroll. They can handle everything from withholding taxes to compulsory contributions. They’ll also minimize the chance that any errors are made in the process.
A Payroll Company to Keep You Compliant
There are many laws and regulations to be aware of when it comes to payroll. These include state and local tax laws, of course. But there may also be requirements around labor law, immigration, anti-discrimination, and insurance.
If you don’t have an in-depth understanding of what you need to do in order to be compliant, you need someone who does. Payroll professionals know all about local, state, and federal compliance requirements so you avoid penalties and audits.
Outsourced Payroll and Cost Savings
If you maintain an in-house individual or team for payroll, you have to pay those salaries. You also have to train new employees along the way. Plus, you have to pay for the purchase and maintenance of a payroll system.
When you outsource payroll, you save money on all those items. There is also significantly less risk that you’ll have to pay any costs for errors.
Payroll Company Service Options
The services typically provided by a payroll company include:
- Withholding applicable income and taxes.
- Managing applicable deductions.
- Managing tax forms and declarations.
- Sending payroll taxes to the tax department.
- Employee payroll account setup and management.
Your payroll needs will depend on your business. Fortunately, payroll professionals offer more than a one-size-fits-all option. You can choose from a range of these services according to what you’re looking for.
Outsource Payroll to Orcutt
Payroll isn’t a key function of your business. Therefore, any resources dedicated to it are resources taken away from other, potentially more important functions. But you can choose to outsource payroll to a team of professionals.
Payroll professionals ensure you’re compliant, save you time and money, and offer a range of services depending on what it is you need. To find out how we can help you with payroll and more, contact us today.