No business is "too small" for Payroll Service
 |
Submitted by , President
|
To your employees your business is their business. And they will continue to invest in your business as long as they are compensated properly. In other words, payroll done right is a critical part of your business. For busy business owners, doing payroll with ever-changing IRS and insurance regulations is a time consuming and potentially expensive activity. Letting things slide is not an option, fines for improper tax filing compound quickly and disproportionately to any actual errors.
According to the IRS “ on average, annually 4 out of 10 small businesses will be assessed a penalty for incorrectly filing a payroll tax. An average penalty is $845.00.”
Choosing a payroll service that's right for you should be based on more than just cost. Other factors to consider are: functionality, ease of access, reporting, and business stability. But ask any small business owner on what they value in a business services provider and it is that “personal touch” when a vendor provides service more like a business “partner”.
A good payroll service should be that resource of information related to all facets of employee compensation. Payroll questions can come up suddenly and need to be resolved quickly. It is very important for a support team to know their clients, and be qualified and ready to help them when they need it.
Typically, national payroll processors fall short of smaller regional providers who offer the same services but have a more personal touch. For a small business owner a knowledgeable and responsive support team can make all the difference in the world.
Will payroll outsourcing really profit your business? For most businesses the answer is “yes”. If your organization lacks in-house technology, expert resources and excess time away from core business activities, exploring a locally-based payroll service may be in your interest.
However, you should be prudent in selecting this provider, examining the vendor's expertise, talking with people who will be actually processing your payroll, not sales people, negotiating the contract, and staying involved throughout your payroll conversion process. In this case, outsourcing payroll will be a rewarding investment for your business.
Carl Pressman is president of Press Gold Group, a leading Minnesota payroll service provider. He can be reached at 952-926-8463 or .
Newsletters/Publications / Tax Planning/Financial
|
