Managing your company’s payroll can eat up a good deal of your time, but it is a critical aspect of any business, as it can directly impact the morale of your employees.
By choosing to outsource the payroll services of your local Cedar City accountant, you can enjoy a number of benefits, including the overall happiness of your employees who are accurately paid on-time.
Reduce Your Payroll Processing Costs
Many small business owners take care of payroll on their own or have an office manager that doubles as a bookkeeper to take care of the company payroll. This can eat up hours of paid work just to keep ahead of the regular payroll.
That’s not even considering if you have employees that have benefits to track, new hires, garnishments, terminations, vacation time, sick days, as well as the many changing state and federal regulations regarding company payroll. On top of that, business owners can have a good deal of time spent every year on producing timely and accurate W2s for their employees.
When you choose to outsource your payroll to an experienced accounting firm like AA Tax & Accounting Services, you can unload that fluctuating man-hours expense. Even if you take care of the payroll yourself and don’t pay yourself for the time spent, your time as the business owner is valuable and can be more productively spent elsewhere.
Increase Work Productivity
Speaking of productivity, outsourcing your payroll needs to an accounting company can significantly increase your company’s productivity. When the payroll is in-house, at least two people will have their attention dedicated to dealing with the intricacies of the payroll.
With at least one employee processing payroll and either you or a manager verifying the information, vital time will be dedicated to an activity that doesn’t actively contribute to your business’ productivity, only passively as it will help the productivity of your other employees.
By moving your payroll processing out-of-house, you can save all that time and just make contact with our accountant once a pay period to approve of the payroll.
Greater Security Available When Outsourcing Payroll
Your payroll information needs to be protected, whether it’s just from an employee gossiping about salaries or outside attacks. There are other serious threats to your business payroll processing information such as:
– Funds being embezzled and covered up
– Using information for personal gain
– Cyber attacks
– Identity theft
With both internal and external threats to your sensitive payroll information, it just makes sense to outsource your payroll. Our accounting firm works with top-of-the-line protections to keep your data secure and can alert you to issues that may indicate embezzlement or other problems that can be obscured by in-house payroll.
Outsource To Protect Your Business From Tax Return Errors
According to the IRS, about 40% of small businesses pay yearly penalties related to issues with their tax return filing. As payroll plays a large part in a business’ tax return, it is essential that this information is accurately represented.
Not only can it be an issue for your company, but payroll errors can impact your employees as well. State and federal laws change often, and generally, only professional accountants stay on top of all these changes. A bookkeeper that lacks the most up-to-date information on payroll regulations may cause an issue with employee withholdings, leaving your employees with inaccurate tax information that may require them to file amended tax returns and also pay penalties.
These things can be discouraging to both the business owner and employees, heavily impacting the overall morale of your company. By opting to outsource your payroll to your local Cedar City accountant, you can be sure that he understands the local, state, and federal regulations regarding payroll and will work to protect your business.
Easy Employee Access To Payroll Information
Your employees will often need payroll information to receive loans, apply for apartments and leases, student loan repayment information, and more. Instead of having them need to come to you and adding another task to your busy schedule, outsourcing your payroll takes care of that issue.
With outsourced accounting with AA Tax & Accounting Services, your employees can view their pay stubs by pay period, print them out for documentation purposes, update their personal information, and review their benefits. These things can be tailored to your organization.
To discuss your business’ payroll requirements with our accountant, contact us to set up an appointment today.