There are 31.7 million small businesses in the US that employ 60.6 million people. For each of those employees, the business that they work for needs to calculate their earnings, taxes, and benefits.
The Benefits of Hiring a Professional Payroll Services Company
As your business grows and you hire more employees, preparing payroll each week can become a monumental task. This is where professional payroll services come into play.
Today, we’re covering the top five reasons why you should hire a payroll management system.
1. Save Time With a Professional Payroll Services Company
When you process payroll yourself or hire an employee to do so, you’re taking time out of your schedule that you could spend growing your business. By using a payroll company, you can reclaim that time.
2. Prevent Payroll Mistakes
Preparing payroll is a complicated process due to variations in pay scales, tax rates, benefits, and voluntary withholdings. If a mistake is made at any point during this process, not only will your employees be upset, but you could face trouble with the government as well.
By using a payroll service, you can eliminate the risk of mistakes being made when calculating payroll. You can be confident that your weekly payroll will be prepared accurately every time.
3. Secure Your Payroll Data
With payroll preparation comes the risks of embezzlement, company records being tampered with, and identity theft. Personal data security is more crucial than ever, given the digital age we live in.
Unfortunately, identity theft is a serious concern, particularly in the US. 33% of adults in the US have experienced having their identity stolen. That’s twice the amount of the global average.
When you outsource payroll to a professional payroll company, you can rest assured that your employees’ data and your own will be protected with top-notch cybersecurity precautions.
4. Save Money
When you use a payroll company, you save money on the equipment, software, employee training, and office supplies involved in processing payroll yourself.
In addition to saving on the in-house costs of payroll, you’ll have the benefit of having access to a dedicated IT support team. Anytime you, or a member of your team, needs to update their payroll information, support is just a click away.
5. Comply with Government Regulations
Business owners have a multitude of local and federal regulations they need to keep track of. With variations in tax rates across states and localities, preparing payroll can quickly become an overwhelming undertaking.
Payroll companies keep themselves up-to-date on all of the rules and regulations for federal and local governments.
As the business owner, you are ultimately responsible for the accuracy of your payroll; having dedicated experts on your side is a huge benefit.
Will You Hire a Payroll Processing Company?
When you hire professional payroll services, it frees you up to focus on your business growth. How much time will you save by hiring a payroll company?
If you’d like to learn more about optimizing your current business or launching a new business, check out our blog.
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