In days of old, payroll involved a whole lot of manual calculations on ledgers and employees were all paid in cash. Gradually, as time progressed, pay checks were introduced and workers often waited up to a month to receive their pay. Then, when federal withholding taxes made their merry way into the equation, things got a whole lot more complicated.
Of course, today’s payroll system is far more sophisticated and has been simplified with the help of technology and its constant advances. However, federal, state and local rules and regulations have made reporting tedious and lengthy, and the requirements for recording payroll are more detailed than ever before. Mistakes can be costly, as can inefficiency, making payroll a process that should always be left to the professionals:
Outsource payroll for ultimate accuracy and efficiency:
Many view modern payroll professionals as being stewards of tax laws, who are responsible for reporting regulations essential to the financial health and longevity of businesses. When a company chooses to outsource their payroll responsibilities they are usually making an incredibly wise and timely investment. Not only does the decision help to ease the burden of responsibility from other members of the company, but it can end up saving the business a lot of money in the long term.
Processing pay period data, printing and signing pay checks, and keeping up to date with the constantly changing tax laws and regulations, are all payroll activities that take up a lot of time, and which if carried out incorrectly or not adhered to, can result in costly penalties from the IRS. Often, those members of a company who have been assigned the tax of carrying out payroll activities, are not up to date with tax laws and are certainly not experts in the field, increasing the risk of errors being made and audits being more likely.
Outsourcing payroll can have a huge ROI:
In terms of time, cost and efficiency, outsourcing payroll can offer a company a huge return on their investment, and if your business already follows best payroll practices (such as correctly classifying employees, and keeping track of them with an online system or time clock), then you give the professionals the very best tools to work with.
Payroll is not something that a company should be second guessing at or muddling their way through with; if your employees are important to you (and they should be!) then paying them correctly should be important, too. Not only that, but no business wants to get into trouble with the IRS for not being compliant with tax rules and those laws associated with overtime.
Make payroll a breeze and forget about costly penalties or disgruntled employees by outsourcing payroll, today.