Starting your own business involves plenty of administrative tasks, including setting up your bookkeeping and payroll. However, a new small business might not be able to afford the costs of a full-time employee to handle all the payroll tasks. Working with your tax professional or accountant, such as Tax Alternative Group, LLC in Poughkeepsie, NY, you can find the best payroll option for your business.
So many small businesses find themselves in the position of increased overhead costs for an employee who is versed in payroll services. These costs continue to grow as they need additional training to stay current on changes to the payroll laws from year to year. As the costs add up, many businesses realize there is a potential savings in using a payroll service.
Reduce the workload for new hires and reap the savings
Payroll is time-consuming, particularly when one has a new hire. By transferring this responsibility to payroll services, the processing time for a new hire is reduced. That provides a cost savings for your business, plus it frees up time to focus on training and integrating your new employee into their role. Payroll services can truly save both time and money during the hiring process.
Outsourcing your payroll means you can focus on your business
Let’s face it, payroll for even a small staff can be time consuming. There are the tax forms to be filed on a quarterly basis, the formula to determine how much should be held back for taxes and even handling questions and concerns from your employees. A payroll service, such as A.L. Simon & Associates, allows you to take that time back and give it to your business. After all, the more time you can devote to your business the quicker it can grow!
Highly Trained Professional managing your payroll
As we discussed, the laws change from year to year. It can cost both time and money to determine what applies to your business. With quality payroll services, these Libertyville professionals are well versed in the various applicable laws at the local, state and federal levels. In addition, there is the implementation process that adds further costs. Payroll services from A.L. Simon & Associates have already put implementation in place, so your needs can be met without the additional investment every year. They can help you meet your obligations to the IRS and state agencies, as well as handle garnishments and 401(k) contributions.
When it comes to producing your annual financial statements, using a payroll service can assist during your audit. All the payroll data is easily compiled from one source.
Timely paychecks and payments equals less tax liability
When changes occur last minute for someone’s paycheck or other issues arise, it can be time-consuming to fix the issues and still get payroll to everyone on time. Using a payroll service eliminates that delay, because they can handle all the last minute issues for your small business. In addition, your payments are made on a timely basis to all the tax agencies. With their auditing and payroll management software, payroll services can minimize the errors that result in tax penalties and late fees.
Payroll data is easy to submit and easy to access
Payroll services can offer your business a variety of options for submitting your payroll information, matching your business’ needs. By choosing the best method for you, your business can gather the necessary information and send it in a short period of time every week. Again, this is a time saving option for your accounting or human resources departments, because they do not have to spend the additional time compiling the data and then acting upon it.
Another advantage is that many payroll services can also handle your 401(k) requirements. Integrate them seamlessly into your business to create an access point for employees to check their benefits online. This eliminates one more time consuming task for you and your business.
For any small business, payroll services provide many benefits in terms of time and costs. When choosing your payroll service, it is important to know what they offer and how they can customize their services to fit your needs. By working through a payroll service, you can streamline one administrative aspect of your business.
Patrick O'Hara, EA