There are approximately 30 million small businesses operating in the United States today, each of them needing to manage their payroll. Payroll processing services have several advantages no matter what size business you are running. If you have not yet considered payroll outsourcing, you may want to consider it.
Small business payroll services and payroll direct deposit can assist a small business owner in handling tax agency requirements, social security, garnishments, child support, third party sick pay, and fringe benefits. Payroll management can also free up a ton of your time.
If you are doing your own payroll processing, you are very aware of what a time consuming process it can be. Inc. magazine recently identified payroll as the #1 task for small business to outsource, along with most accounting tasks.
Payroll and payroll accounting are not only time consuming, but something that is important to get right. Most of us know how it feels to have something wrong with a paycheck, so there is always added pressure. By using payroll direct deposit options, you eliminate paper waste and give your employees instantaneous access to their funds.
According to the IRS, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings and payments. Another benefit of payroll programs and payroll direct deposit is that avoid any IRS fees due to incorrect filings and payments.
Whether you want to save time, money, or avoid making payroll processing errors, outsourcing your payroll may be the option you are looking for.
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