The Advantages Of Outsourcing Payroll
April 13, 2019
Naturally, as an employer it’s your responsibility to ensure that your employees are paid accurately and in a timely manner, irrespective of how many workers you have. You must be aware of all laws pertaining to payroll and stay up to date with the myriad changes to these laws that can occur throughout the year. You also need to understand payroll taxes and be sure to file accurately and on time to avoid costly penalties. For most employers, payroll can be a minefield and the sensible solution would seem to be that of hiring a payroll professional to help you get it right.
Here are some of the advantages of outsourcing payroll:
- Simplifying communications
As an employer, when you outsource payroll your responsibilities are greatly reduced, in most cases, you are required to contact your payroll professional just once each pay period. Pay checks, tax payments and other elements of payroll all become simplified and your time commitments to such things enable you to spend more quality time focusing on your business.
- Ensuring accuracy
It’s no secret that tax regulations can change as frequently as the weather, but keeping up with these changes can be troublesome, particularly if you don’t get it right and end up having to pay out in penalties for inaccurate tax filing. When you outsource payroll, however, you’re guaranteed to stay on the right side of federal, state and local law and will be safe in the knowledge that even if your payroll professional gets it wrong, they will pay the penalties and interest, not you.
- Confidentiality assured
Payroll information should always be kept confidential, and when you outsource it, you’ll receive a guarantee that all earnings and data pertaining to payroll will be kept in the strictest confidentiality. Payroll information will only be accessed by those given authority to do so, giving you and your employees, peace of mind.
- Guaranteed flexibility
Most professional payroll companies will offer their clients a variety of payroll input options, and clients are then free to choose the one that is most convenient for them, ensuring flexibility.
For any employer wanting to stay on the right side of the law when it comes to paying their employees and their associated taxes, outsourcing greatly lowers the risk of facing fines or audits from the IRS. Maintaining payroll accurately is not easy, and it can be a real drain on resources, time and energy. Reach out to your local payroll professionals to discuss your options, and say goodbye to accounting mistakes, missed tax payments and hefty penalties.