Many of us are feeling “meh” about the state of the economy right now, so we’re watching our spending. So, is it a good time for your small business to outsource payroll, or is it smarter to hold off for now?
Generally, payroll services are affordable, and the value offsets the cost. That makes it wise to start with a payroll service even when the economy isn’t so great. In this article, I’ll tell you why it’s smart to outsource your payroll at any time.
At CSI Accounting & Payroll, we’ve provided financial services to small businesses for 60 years. We’ve heard lots of questions about outsourcing payroll for the first time, including:
- Is payroll something that small businesses can handle on their own?
- Why is outsourcing payroll a safer and smarter choice in any economy?
- If I do outsource payroll, does it matter who I choose?
Small Businesses & “DIY” Payroll
Can small businesses do their own payroll? Sure! Many businesses start off with handling their payroll in a simple manner, like using a spreadsheet and writing out checks.
So, then, why is payroll one of the first things that most small businesses outsource (aside from it being an affordable service)? It’s because payroll is easy… until it’s not. I’ll tell you more about that in the next section.
Why Outsourced Payroll Is Better
Outsourcing your payroll is smarter. Your employees get paid, and it reduces your administrative burden, which grows if you’re adding employees, changing compensation methods, or encountering more uncontrollable factors, such as vendor payments.
When payroll is taken off your plate, it’s also safer. You might think that you’re making every deadline, correctly classifying every worker, and properly setting up deductions. However, if you mess up even one thing, it can be an expensive and complicated fix. Fortunately, Payroll Specialists have the expertise to keep you in compliance.
In many cases, outsourcing is less expensive. Unless you have an employee on staff who has time to do it and already knows payroll, it’s generally more expensive to process payroll in-house. As an owner, your time is valuable, and employees who really know payroll aren’t cheap.
This doesn’t change when the economy is bad! If anything, avoiding fees for non-compliance and regaining time to handle owner tasks helps your business.
Who to Outsource Payroll To
Pause. I know you think this is going to be biased since it’s coming from a payroll service, but I’m going to use feedback we’ve gotten from clients (many of whom have previously worked with big-name, national providers).
Overall, our clients say that they’re happier with small payroll services (like CSI) than with the big guys. There are a few reasons for that, including:
- Having a consistent contact. Smaller firms like CSI tend to have much lower staff turnover than the big guys. You know your specialist, and they know your payroll.
- Better customer service. Happier staff with more company longevity means better customer service. There’s also no large, impersonal help center! Your specialist helps you with everything you need.
- Combined services. Smaller firms tend to provide other services, such as accounting, whereas the big guys mainly specialize in just payroll.
- Comparable costs. For a better service, you pay around the same (depending on which features you choose). That makes smaller firms a better value!
Get Peace of Mind in Any Economy!
Now that you know that small businesses can do their own payroll but outsourcing is safer and smarter in any economy, plus why many small business owners prefer to work with small payroll providers, are you ready to check out payroll services?
If so, please consider CSI Accounting & Payroll! To see if we can be a good fit for your business, click the button below for a free consultation:
Not ready to talk? That’s okay! First, learn more about what your per-payroll costs may look like by clicking the image below:
