According to studies, over half of all small business owners handle financial matters themselves.
While that might sound like a great idea on paper, allowing for businesses to save money and cut down on new hires, handling your own payroll can also lead to a ton of headaches, missed wages, and even some legal troubles.
Instead, you’re much better off enlisting the aid of payroll services. Here are six reasons why bringing in someone to handle your finances is a great move!
1. More Time for Administrative Duties
No matter how productive you are, it always feels as though there aren’t enough hours in the day. The last thing you need as a small business owner is to add more tasks to your list, so why try fitting more into your already busy schedule?
Even if you’re using a pay stub maker, you’re having to take time away from managerial work.
When you outsource payroll tasks, you’ll clear up your schedule. No more having to go through timecards or double-check with employees about hours worked. Now, you can focus on making your business the best it can be!
2. No Need for a Finance Department
If you’re reading this, there’s a good chance you’ve at least considered bringing on at least one new team member to handle your business’ finances.
On paper, that might seem like a good idea. But when you break down the finances, well, you’re looking at thousands of dollars in extra expenses. Plus, the hiring process already takes almost a month, meaning you’ll need to spend more time away from work.
By outsourcing, you’ll get expert help at an affordable rate without having to pay for extras like office space, onboarding, and equipment.
3. No Need to Learn New Software
Even the most user-friendly payroll software can be a challenge to learn. There’s a reason why payroll services for small businesses are in demand!
Unless you have dozens of hours to dedicate to learning new software, you’re better off hiring a cheap payroll service to handle payments for you.
4. Happier Employees
Your employees work hard and they deserve to be paid on time. When you reduce payroll tasks in-house, you’ll massively decrease the chances of missed or late payments.
As a result, you’ll have happier employees and a reduced turnover rate.
5. Less Potential for Audits
You could find your business audited for any number of reasons, from accusations of wage theft to missed tax payments. Make no mistake, Internal Revenue Service (IRS) audits are no joke and they could cost you your business.
You can’t gamble with your company’s finances, so minimize the odds of an audit with some outside financial assistance.
6. Consistent Adherence to Compliances
It can be tough to keep up with every industry and region-related compliance your business is tasked with following. Yet if you slip up even once, you could find yourself in court or even jail.
Payroll services for small businesses follow the letter of the law to a T, so you can rest easy knowing that your finances are in perfect legal order.
Make Life Easier and Bring in Payroll Services
As you can see, outsourcing payroll services is a smart choice, whether you’re a small business owner looking to spend more time growing your company or you’re worried about potential audits. So don’t delay, start looking for payroll help today!
For more tips on how you can grow your business while saving money, be sure to check out the rest of the great content in our business section!