Why Is It a Good Idea to Outsource Your Company's Payroll?
Whether you're considering having your entire bookkeeping process outsourced or just a few key areas, one area to consider is payroll. Complex with changing regulations and serious penalties for errors, payroll is one of the top outsourced accounting practices. Here's a quick look at why it's a good idea to get payroll out of your back office processes.
Free up staff
When payroll comes around, whether it's weekly, bi-weekly or a couple times a month, at least one of your staff is tied up trying to calculate withholdings, determine if anything has changed for employees or regulations since the last payroll and then process it, depositing money for taxes and withholdings.
Whether it's a change in the tax table or a new regulation that has come into effect, making a mistake on payroll can be extremely expensive, especially as the penalties begin to add up.
If your regular bookkeeper already handles a range of accounting tasks, that individual or team may not be as familiar with the process as an accounting firm that processes payroll on a daily basis. The time to switch tasks and muck through the process may take a lot of time and money to complete.
Offer deposit options
When you outsource payroll, it opens up options that may have been too expensive in the past. Because an accounting firm works with many businesses, the cost of these options is spread across their entire client list.
Take advantage of outside expertise
Outsourcing payroll means that an expert outside of your company is processing it and regularly updates their knowledge to keep up with industry changes.
Prevent technology mistakes
What happens if your bookkeeper doesn't realize that the latest update to the accounting program includes new tax tables that are now in effect?
Focus on what matters most
Instead of wasting time and effort on payroll, you can focus your energy on what you do best - run your business.
By outsourcing your payroll, you'll be able to save time and protect your company's bottom line. If you need help handling your payroll or other accounting or business services, please feel free to contact the experienced professionals at AccountRely today for more information. At AccountRely, you're not just a customer, you're family.