Aren't you tired? Running a small business usually means that you're wearing more hats than the average person. When you find yourself putting in extra time to work through payroll, payroll taxes, and all associated add-on features, it can feel like there aren't enough hours in a day.
Outsourcing payroll is often one of the first things business owners do to get back on track. You may even be starting your business and want to get payroll handed off to someone else right away.
There comes a time for every small business when outsourcing certain tasks becomes the right decision. However, coming to that conclusion is often difficult for owners who are used to taking on everything themselves. In CSI's more than 50 years of working with small businesses, we've seen time and time again that once an owner outsources a service like payroll, they never want to bring it back in-house again.
Learn more about why outsourcing payroll is a great benefit for small businesses, as well as how to choose the best payroll service for you.
When you make the decision to hire a payroll service provider, that means you're ready to have a team of payroll experts assist you along the way.
An expert payroll specialist should be learning more about taxes and regulatory requirements at webinars and conferences since laws are always changing. They should also show you how to get the answers to your questions. A professional should be willing to help you learn about what you can do yourself, but some national payroll providers gatekeep information to keep you reliant on their services.
More than anything, a payroll specialist becomes an expert through experience. When you process your own payroll, you're not focused on it more than up to a few times per month, depending on how much you have to do and what your pay periods are. A specialist who runs payroll for several small businesses does it all day, every day. Not to mention, they retain knowledge of quarterly filings and W-2 preparations since these are done in bulk.
When you have expert guidance on your side, you can remain focused on growing your business instead of worrying about payroll responsibilities. That's a lot of time added back into your already-cramped schedule.
Consider what your time is worth; it's probably more valuable elsewhere. If you generate a certain amount of revenue for your company by doing what you do best, chances are you're better off doing those tasks than running payroll.
Payroll service providers not only take care of making sure your employees are paid on time, but they also protect your business from penalties for late filing or inaccurate information. Most local payroll service providers have service guarantees; if you incur penalties and interest because of their error, the payroll service provider will pay them. Payroll automation, when set up correctly, can help prevent human error.
You can also see your up-to-date information regarding payments, PTO, and deductions through your secure online portal. Not to mention, should an issue arise, your provider has eyes on your payroll and can notify you immediately.
In addition to expert guidance and protection, hiring out a payroll service allows you to:
If you currently aren't working with an accountant or are unsatisfied with the level of service you're receiving, now might be the time to bundle the services with one vendor. Combining payroll with bookkeeping and accounting with one firm:
To determine the best payroll service provider for you, analyze each on the following factors:
If you're looking for a payroll service provider, let's have a conversation to see if CSI Accounting & Payroll is the right fit for your small business. Click the image below for a free payroll proposal!
Not ready for a quote? Read more about if you're a good fit to work with CSI Accounting & Payroll here.