Although a large scale business may have the resources to manage their payroll internally, the same cannot be said when it comes to a small and medium scale business, especially the startup businesses. Outsourcing payroll operations is an attractive and viable option for a small business.
This would free the time your employees spend on calculating payroll, preparing checks, determining tax obligations, and providing management reports at the end. A reliable third-party payroll service can perform all these functions much cheaper than a small business having to maintain an internal payroll department. Here is why you need to outsource your payroll functions right now.
Tax laws change on a constant basis. The chances of making errors are quite high if you don’t have a highly qualified accounting team in your organization. A small or startup business cannot afford to employ such a team right away.
On the other hand, professional payroll services employ highly qualified and experienced staff who can file state and federal payroll taxes on behalf of your company. Your business is spared the headache of knowing the latest tax codes, deposit requirements, filing deadlines, and learning about tax tables when you hire the right payroll service.
The IRS has stated that more than 40% of small businesses pay penalties each year for various tax mistakes such as late and incorrect payments and filings. A reliable payroll service will offer a tax guarantee to the effect that the customer will not incur any penalties due to the provider’s mistakes. In fact, the provider will take responsibility for any fines that may occur. You can save a lot of money in the process. In fact, this cost saving can easily justify the outsourcing of your payroll functions to a qualified and experienced payroll service on the market.
Hiring a professional payroll service to take care of the payroll functions in your organization can save a lot of time in the long run. Outsourcing will free your employee’s time to pursue more important and value added activities. The latest statistics reveal that payroll functions are the number one task outsourced by most small and startup businesses due to the complex nature of the function. That is why you need to outsource your payroll functions to a reputable and experienced payroll service on the market.
The problem is how will you find a reliable outsourcing service with numerous payroll companies operating on the market? That is where your research becomes important. In fact, you need to perform extensive research when choosing the best payroll service to outsource your payroll functions. It will help you save time and money and take your small business to the next level within a short timeframe.
Vitale & Associates, LLC is one of the top-notch accounting services on the market. They offer a wide range of accounting services including payroll services for small and medium scale businesses. You should contact them right now to outsource all your payroll functions.