When you own or run a business, some of the most time-consuming tasks are its payroll and human resources management, or HR. There are endless deadlines and paperwork, all of which has to be absolutely accurate. And yet, even with accounting or payroll software, the work is tedious and never-ending. But take heart, there is a solution to free yourself from this burden: outsourcing your payroll services.
Reasons to Outsource Payroll Services
There are a number of reasons why you should considering outsourcing your payroll services:
A reputable payroll solutions provider frees up the time and resources you are currently spend on processing payroll so you can concentrate on revenue-generating activities. Incorporation of time-consuming HR administrative duties like the processing of new hires or benefits administration can also be handled by your chosen resource.
Assigning the detail-oriented tasks of calculating payroll payments and deductions; tax payments and returns; and printing, signing and distributing paychecks to a professional firm ensures that your payroll processes will be done correctly. You can mitigate the occurrence of payroll errors with an experienced payroll service.
Each employee’s paycheck differs due to their salary rate, tax withholding, and deductions, including retirement savings account contributions; child or spouse support payments; heath care; and vacation accruals. Calculating these takes time, but is a process that is easily outsourced.
How you currently distribute paychecks can vary; you may have employees receiving checks in methods such as direct deposit, mailed checks or hand-delivered. In all cases, paycheck stubs must be delivered to each employee. Your payroll service can coordinate paycheck printing, signing and delivery on your behalf.
You receive reports summarizing your accounting activities on a scheduled basis, making end-of-year reconciliation and next-year planning easier.
Business owners are required to file quarterly tax reports that must calculate the correct amount of taxes withdrawn and due, along with a year-end tax statement to calculate any taxes still owed. Your payroll service will prepare the documentation and perform the on-time filing required for your yearly tax payments and returns.
Keep Up with Regulations
Government tax regulations can change, and without in-depth knowledge of taxes, business owners can miss important updates. Yet they are legally obligated to conform to those regulations.
Avoid Fines & Penalties
Failure to administrate your payroll processes accurately can result in sizeable fines and penalties when taxes are not calculated correctly.
Pass an Audit
Knowing that your payroll is handled correctly and accurately puts your mind at ease if and when your business is audited. In 2019, the IRS closed more than 1.9 million cases of underreported taxes, resulting in almost $6.7 billion in additional assessments. The best way to pass an audit is to keep impeccable records.
Outsource your Payroll to Benefit Providers/ECCA Payroll Services, Inc.
For payroll and tax-filing services you can trust, outsource your payroll responsibilities to Benefit Providers/ECCA Payroll Services. We provide a number of standard payroll features including direct deposit, and electronic tax filing; payroll services including quality reporting and cost-effective payroll management; and tax filing services for all federal, state and local filings.
As a full-service business solution, we also provide much more than just payroll services. Ask about our multi-services discount and visit our website to learn about benefits administration, retirement plans, HR services, and more. Contact us at 703-370-2226 for a quote.