You didn’t go into business for yourself because you love doing payroll! You’re in business because you love what you do and have something special to offer. If you’re doing payroll yourself, you might be classifying employees and contractors incorrectly, or making serious payroll mistakes. This is particularly true for businesses with frequent pay periods, such as the restaurant and hospitality industries. Using a payroll service solution like PAYDAY Workforce Solutions will ensure accurate record keeping.
Making payroll errors can add up to thousands of dollars in lost revenue, as well as leave your company vulnerable to liability issues. According to the American Payroll Association (APA), wage and hour audits are on the rise, as are lawsuits of that nature. That’s why so many CPAs recommend hiring an outside professional payroll services firm like PAYDAY Workforce Solutions. In fact, APA notes on their website that “outsourcing has been and continues to be a common trend.”
Here’s a look at the top three ways a payroll services firm, such as PAYDAY Workforce Solutions, can help you reduce costs and improve your business.
1. Payroll Accuracy:
Payroll service providers have the technical expertise to accurately and consistently provide payroll in a timely manner. It’s their job to stay on top of ever-changing tax laws at the federal, state, and local level.
Do you know the difference between the federal tax tables that were in effect on December 31, 2012 versus those in effect on January 3, 2013?
A professional payroll services firm like PAYDAY Workforce Solutions can help you with the changes in Notice 1036.
2. Payroll Cost:
Saving money is often cited as one of the most important reasons why business owners contract out payroll services. It’s one of those behind-the-scenes tasks that can be outsourced to full-time professionals for only a fraction of the cost without impacting operations.
Business owners with less than 50 employees often find that outsourcing payroll operations to firms like PAYDAY Workforce Solutions actually costs less than maintaining full-time payroll staff.
Do the math for yourself. Add up the hours your company spends on payroll and related activities. How much time do you spend learning about taxes and changes to tax laws? How much money do you spend on things like signing checks and putting them in envelopes? Once you compare your costs to that of payroll service provider, such as PAYDAY Workforce Solutions, you may be pleasantly surprised to learn how much you can save!
3. Payroll Productivity:
Payroll costs aren’t just financial. There’s also the piece of mind factor. Outsourcing your payroll to a firm like PAYDAY Workforce Solutions means you don’t have to spend on time-consuming activities and complicated tax issues. Time spent not worrying about payroll issues is time you can spend focusing on growing your business! That’s a win-win for both you AND your customers.