When your business reaches the milestone of hiring additional employees, you might feel like jumping for joy. After all, hiring means you’ve grown. Plus, the extra people can be a big help in both keeping up with your current workload and further expanding your company. If you’ve reached this point, congratulations are in order.
However, just one of the hurdles involved in hiring employees is doing payroll. Payroll is a big job fraught with rules and government regulations. Very few of us are well-versed in these regulations, which means you’ve got to learn them well, and quickly.
Letting a knowledgeable professional handle your payroll is another option and it’s a good one. Accuracy is vital to avoiding a big mess, which is why so many business owners hire an accountant to handle their payroll. Let’s take a look at a few reasons why using an accountant might be the right choice for you.
They know the rules
Most accountants are well-informed when it comes to managing payroll. It’s their job to stay on top of the current standards for withholdings, documentation, supporting data and more. Even little mistakes, especially if repeated, can add up to a big hassle later on. You can save yourself a lot of trouble by letting an accountant manage your payroll for you. Even if you use software or an online service, it’s easy to overlook things or make a mistake when setting it up. Better to let a real person with real knowledge take care of it.
You’ll get personal attention
There are payroll programs and online services out there, and many of them are pretty good. However, there is no substitute for a real human being, with whom you have a real relationship and real time conversation when you have questions. You can’t build rapport with a computer or web-based service. They don’t care about your success and can’t answer your questions directly. When you work with an accountant for payroll and other services, you are actually building a relationship with someone who has your best interests at heart – and that’s worth a lot.
They can do more
When you have an accountant for payroll, their expertise can spill over into other areas of your business. They may catch mistakes that have been made, ensure proper tax withholdings, provide financial consulting, and help with things like compensation packages, profit sharing, and more.
They can save you money
As a small business, you may be hesitant to hire an in-house payroll manager or accountant. The good news is that you can retain a third-party professional to manage your payroll and other duties for a fraction of what an employee would cost. Add to that the benefit of having someone with solid financial knowledge on your side, and that can mean big savings at tax time and throughout the year.
For the most accurate payroll service, look for an accountant who specializes in payroll and has CPP (certified payroll professional) credentials. Don’t risk going it alone. Professional payroll help is widely available and probably more affordable than you think. You owe it to yourself – and your employees – to make sure it’s done right.