The process of hiring, on-boarding, and training new employees isn’t easy, especially for small business owners accustomed to doing everything themselves in the absence of a human resources department.
As a small business owner, you should be consistently looking for ways to improve operations, increase profits, and reduce unnecessary spending. One option that should be considered is to hire accounting and payroll services to save you time and money.
Small Business Payroll
Small business payroll can be a time-consuming and stressful task for a small business owner, especially if you run payroll in-house.
According to the National Business Association 2015 Small Business Taxation Survey, 1/3 of small businesses spend more than $6,000 per year on the administration of payroll and payroll taxes. Regardless of the size of the small business, it’s important to have a payroll system in place to protect you from IRS penalties and to ensure your employees are paid on time.
Managing Payroll is Complex
When it comes to managing payroll for your small business, you may be using your own accounting software. While the software offers the necessary features to comply with payroll regulations, the overall process can be complex and time consuming, especially as you begin to hire more employees.
Depending on the health of your business, the decision to file for a tax extension this year may have been for good reason. You may have experienced unexpected growth that led to more complex tax obligations, or you realized you’re just too busy working on your business at this point in the season to accurately process the required forms. These are valid reasons to file for an extension and a good indication you’re ready for professional accounting services moving forward.