As your company grows, so do many of the internal roles needed to keep your company on track. Focusing on key business functions increases overall revenue by earning new business and appeasing existing clients. However, there are other roles that don’t necessarily generate revenue, but they are an absolute necessity. Payroll services is one of these, and outsourcing your company’s payroll is oftentimes the smartest move you can make. Here are just some of the reasons you should outsource your payroll.
Why Payroll Outsourcing Is Right for Small Businesses
- Payroll Compliance. Payroll compliance is becoming increasingly complex. The average company overspends on payroll due to inaccurate bookkeeping of employees’ time and attendance. On top of this, many employers aren’t especially knowledgeable on every tax and withholding law at both the state and federal level. However, this doesn’t exempt them from following each law. Mistakes still lead to unnecessary penalties and fines. Statistics show that companies who payroll in-house are much more prone to these fines. If you outsource your payroll services to a reliable company, accurate records will be maintained, appropriate forms will be filed and taxes will be paid on time. This undoubtedly saves busy business owners a ton of hassle and a major headache.
- Reduces Expenses. Internal payroll departments require salaries, office space and equipment. Hiring new people and properly training them requires additional time and money. Plus, if they aren’t properly trained to comply with all laws and regulations, your company may end up spending much more than it saves. It is a fact that the average company spends more on payroll than necessary. Outside payroll companies specialize in payroll compliance, allowing you to rest easy at night come tax time.
- Maintains Business Focus. Instead of hiring new employees to handle your payroll services, you can hire new employees dedicated to your core mission. Hiring employees for a service that can be reliably outsourced diverts talent and takes away from business growth. A lot of time is spent managing payroll, and that time is often better spent elsewhere.
- Provides Payroll Options. Payroll services often provide companies with multiple ways to pay employees. Instead of just offering a standard check, payroll outsourcing opens up different options.
Contact us today to learn about outsourcing your payroll. We have over 25 years of experience assisting clients with full payroll services in Des Moines, and we look forward to working with you!
“As a busy business owner, it’s tough making every deadline and commitment. Outsourcing my payroll was so relieving knowing Blue Oak will take care of it. I have one less thing to worry about!”