Small business owners have enough to worry about with figuring out how to make payroll on a biweekly basis. They have to generate enough money to pay wages, healthcare, Social Security taxes, Medicare contributions, and payroll taxes. Business owners do not have time to worry about the tedious tasks of running off payroll and making sure that all of the taxes are calculated properly. One of the ways that a business owner can save themselves the headaches of having to deal with payroll functions is by hiring a payroll company. Let’s take a look at a few of the benefits of outsourcing payroll.
Easy To Do
One of the primary reasons to hire a payroll service is because they are just so much easier to use than doing it yourself. Payroll companies like Paychex do all of the payroll work for you. All you have to do is call, fax, or email your payroll processing, and you are done. It is up to the payroll company to process all of the forms and file all of the paperwork. You remove the burden of payroll from your own hands and into someone else’s.
Incredibly Affordable
Hiring a payroll company used to be an expensive proposition years ago. Today, it is so affordable that you can hire a great company for less than a few bucks a day. Payroll processing is so affordable that small businesses with under 50 employees can afford it and not even take a hit to their budgets. There is a lot of competition in the payroll market, which means that small business owners have been the big winner in the form of lower pricing.
Tax Efficient
You no longer have to worry about filling out W-2’s and figuring out tax liabilities anymore. If you make a mistake with either of these things, you could wind up having to send the federal government more money. Payroll providers have made this simple by informing owners of all tax liabilities and obligations. Most of the payroll companies will even make the tax deposits for you as long as you have the funds available in your account on the date of withdrawal.
Additional Services
Payroll companies today are not just limited to payroll services only. They offer a lot of additional human resource services like benefits administration and retirement planning. One company can handle everything from human resource administration to 401(k) and employee benefits. This makes for simple reporting and eliminates the need for a small business to hire a human resources department.
All of the above reasons demonstrate why hiring a payroll company is a winner for small businesses. Payroll services reduce the workload of a small business owner while providing a valuable service at the same time. If you are in the market for a small business payroll company, contact Paychex today. Setting up a payroll account is incredibly easy, and you can be on your way to processing your next payroll in no time.
With all of the different taxes that hit at different times and rules that can change from state to state, you almost have to hire a payroll service, or have a CPA that knows what he’s doing (not a cheap option usually).
And you need to make sure you are using a reputable company so that your money is actually going where it needs to when it needs to.
I met with a Paychex rep when I was setting up my company and she was very knowledgable and friendly. The company didn’t fit my needs but if my payroll were larger I would consider them.
I totally agree! When I owned my restaurant/catering company, I used a payroll company. For very little money, you do not have to worry about it and it almost takes care of itself. You just set it up and call in the hours.