On the surface, payroll processing seems like a straightforward job. But, payroll generation involves much more than calculating employee salaries and wages. The reality is that payroll processing is the calculation and administration of employee’s financial records, which includes their salaries, wages, deductions, bonuses, taxes, and more.
Payroll processing can often be complicated and stressful, especially for small businesses. While payroll calculation errors are a major concern, small businesses need to adhere to several different payroll regulations and tax codes. If you fail to do so, the IRS might impose a heavy penalty on your company. Apart from financial losses, the IRS penalty can damage your company’s reputation. Delays in payroll will adversely impact your employees’ morale and motivation. Accurate and timely payroll processing is the key to satisfied employees and smooth operations.
Regardless of the size of an organization, payroll processing is an exhausting task that should be left to the specialists.
From calculating each employee’s gross wages to issuing checks, in-house payroll processing is a never-ending job. A professional payroll specialist can make your life much easier. By calculating, generating and managing your company’s payroll, a specialist can help you stay organized.
Time is money in business. Payroll processing requires a lot of time and attention to detail. If you already have a lot on your plate or if you feel that payroll processing may take up a lot of time, you can let an expert take care of your company’s payroll while using the extra time to focus on other business needs and improving workflow efficiencies.
Contrary to what most people think, payroll outsourcing can contribute to significant savings. If you compare the total time you spend on each employee’s payroll with the total cost of outsourcing, you will realize that it’s actually an investment.
Employee payroll is confidential information. Unless you’re using secure software, you cannot trust your staff for generating payroll.
One of the biggest benefits of hiring a payroll specialist is that they use the latest software for processing payroll and protecting employee data.
Last but not least, if you are unable to generate payroll correctly and consistently, hire a payroll specialist.
Similarly, if you are not familiar with the latest payroll and tax rules and regulations, outsource your company’s payroll.
Hiring the right payroll specialist can be tricky. Here are some simple ways to select an expert who can handle your company’s payroll:
As a rule of thumb, choose a payroll specialist who understands your company’s payroll needs, objectives and goals and deliver solutions accordingly. The payroll specialist should know your small business inside and out.
Another important factor is to assess the specialist’s track record in handling payroll for other businesses. What kind of small companies do they cater to?
Conduct a complete research on the specialist’s track record before hiring them.
Based on your budget, choose a payroll specialist who can offer quality service at affordable pricing.
What kind of software does the specialist use to protect employee data? You need to make sure they use software that can simplify your payroll system, while protecting each employee’s confidential data.
Finally, clarify the level of support you expect from the payroll specialist. Will they be there to answer your questions or take your calls for resolving payroll issues? How do they stay in touch with clients?
This information will help you determine whether or not the specialist is responsive and reliable.
If you’re searching for innovative payroll solutions for your small business, look no further. At Intelli Bookkeeping, we understand how challenging payroll generation is for startups and small businesses.
We offer integrated, cloud-based accounting software integrations and payroll administration services to small and medium businesses. From start to finish, our expert team will handle every aspect of your payroll and do it right.
If you are uncertain about investing in our payroll services, you can take advantage of our 30-day trial with Gusto and make a fair decision. Our 30-day trial is free for everyone.