Small business owners often find it difficult to delegate responsibilities they are used to handling themselves. It can make them feel like they are losing control. However, as a small business grows, it can be easy to become overwhelmed and have a business owner looking to take some tasks off their to-do list. Some responsibilities can be assigned to your employees, but others may require knowledge and skills they don’t possess. One example is payroll. Even with a small business, it can be a complex and time-consuming task, and one many business owners are anxious to get off their plate. If this sounds like you, it’s time to consider outsourcing payroll. Not sure if that’s the right choice for your small business? Exploring the benefits of outsourcing payroll will help you to decide.
Save Time
This is probably one of the most obvious benefits of outsourcing payroll. As a small business owner, your time is valuable. There are only so many hours in the day, and you need to be able to focus on growing your business. Delegating payroll responsibilities to a professional payroll service will free up your time and allow you to focus on other aspects of running your business.
Payroll Taxes
Outsourcing payroll can help to ensure your business remains compliant with all local, state, and federal taxes. Payroll tax laws are constantly changing, and it can be difficult for a small business owner to keep up with the latest updates. This is especially true if you don’t have a dedicated human resources or accounting department. When you outsource your payroll, you can rest assured that your payroll provider will stay current on all tax law changes and ensure your business is compliant.
Improved Accuracy
It is inevitable for business owners who are juggling too many responsibilities – there will be mistakes. However, when it comes to payroll, accuracy is essential. Mistakes can be costly and put your business at risk of penalties and fines. They can also be time-consuming to correct. When you outsource payroll, you can trust that the experts will handle everything correctly and ensure that all employee deductions are accurate. This peace of mind is invaluable.
Employee Self-Service
One of the benefits of outsourcing payroll is that it provides employees with self-service options. This means they can access their pay stubs and W-2 forms online 24/7. They no longer have to wait for you or someone in your office to print them out or dig through file cabinets to find them. Not only is this a huge time-saver for everyone involved, but it can also help to increase employee satisfaction.
Direct Deposit
Direct deposit is another convenient feature offered by many payroll providers. This feature deposits employee paychecks directly into their bank account on payday, eliminating the need to print and hand out paper checks. Direct deposit is a great time saver for both you and your employees.
Accrued Time Off
Keeping track of how much vacation or sick time each employee has accrued and how much they have used is another time-consuming payroll task. Mistakes made with this task will result in one of two things. It will either result in giving paid time off that wasn’t earned or a miscalculation of paid time off, contributing to employee dissatisfaction.
Outsourcing Payroll with RAC Consulting
Now that you know the benefits of outsourcing payroll, are you ready put your payroll in the hands of the experts? Some business owners may be hesitant because they think it will be too expensive. At RAC Consulting, we offer professional and affordable payroll services that will save you time and money that you can devote to other areas of your business. In addition to payroll, we offer numerous other business consulting services to help you grow your business. Check out our payroll cost calculator or contact us to learn more about our services.