As a business owner, you have a lot on your plate. One of the more complicated things that you have to do – managing payroll – is easily outsourced if you find the right payroll services provider. Many small business owners assume that outsourcing payroll services isn’t worth the cost, but the truth is that there are several perks that more than make up for the money you’ll spend. Even if you only have a few employees, the time saved and stress avoided by allowing a professional to handle the intricate details of your employees’ payroll is a worthwhile investment.
Someone Else Watches Deadlines
One of the major points of stress about employee payroll is deadlines. First, you have to make sure you’re getting it done on time each week, or every two weeks, so that payroll checks are available to your employees. If you’re doing the payroll manually, you may find yourself fighting the clock to get it done in time when the day gets away from you. There are other, even more stressful, deadlines, however. If you miss the deadline for reporting or paying payroll taxes, you could be subject to fines or penalties. Having a payroll service means you don’t have to monitor any of those deadlines or risk making a mistake – they do it for you.
You Won’t Have to Stress the Complexities
Federal taxes are not the only taxes you have to worry about, and if you operate in different areas, that can quickly become complex. Each state, and sometimes even different cities or municipalities, has their own taxes that need to be withheld, and a payroll service will be equipped to handle that no matter where your employees live. Speaking of withholdings, those are also complex. You’ve got federal withholdings, state withholdings, local withholdings, FICA withholdings – it’s a lot to understand and manage. Sometimes, leaving those tricky calculations to a professional who is devoted to just that work is worth the cost, and it allows you to get back to the work of your business.
It May Save You Money
Ultimately, hiring payroll services will cost money because you’re paying someone to do work that you had been doing yourself. But it might also save you money. First, a payroll service can make it easier to track the cost of labor on your product so that you can more accurately determine the cost of goods and set reasonable prices. Second, even if you only have one employee, you still have to take time to submit reports and make payments just the same as if you had 100 employees. That is time better spent at other parts of your business.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services are aimed at decreasing your taxes and increasing your net worth through responsible, timely, and accurate recordkeeping. We offer our services to clients throughout the Washington, D.C. metropolitan area including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.