Payroll… it is a task that sneaks up on you, and as soon as you take care of it, it seems like it is time to do it all over again. No matter what the industry or how large the operation, many business owners find it advantageous to rely on an outsourced accountant to cut their payroll. From accounting firms to payroll companies, many options are available to you so you can spend more time working in your business, instead of crunching numbers and cutting checks. This month, we look at the top five reasons to give an outsourced payroll solution a shot:
1. Reliability and security of your finances
The last thing you want, as a business owner, is to be penalized by the IRS. Alleviate those penalty pains and worries by picking up a reliable, fully-trained accountant to handle your small business finances. An outside professional is contractually obligated to be completely liable for the entire undertaking, that way, in the off-chance that something goes awry, the outsourced team will pick up the foul, not you.
2. Cost Efficiency
Outsourced payroll services are perfect for small businesses who don’t have the budget to handle the task in-house. Simply put, why hire a full-time accountant to handle your finances and contribute to rising overhead costs when you could have a team of professionals take care of it for a lower cost? Take a look at how much money goes into the function of your accounting department. If you’re running a smaller operation, the hiring of an dedicated accounting professional may be the most optimal path to take.
3. Professional insight
Keeping yourself in charge of payroll duties is a great way of staying in touch with the financial forecast and current standings of the company. However, with a transparent accounting team, you can keep that inside look with the immense added value of years of accounting experience and knowledge on your side. You’re dedicated to your craft. Accountants are dedicated to organizing finances. They’re able to spot problems before they arise and compile the best solutions. They are well-versed on all IRS requirements, withholding rates and regulation changes so you don’t have to be.
4. Financial information protection
When it comes to your internal finances, some things are best kept a secret from the competition. Hiring an outsourced accountant eliminates the risk of a disgruntled ex-employees walking out on the company with important information at hand. This circumstance is an unfortunate one, but can be protected against ahead of time.
5. Free up time and energy
When it comes down to it, the old adage reigns true: time is money. Don’t waste your most precious resources. If you’re working at max capacity, running on all cylinders, your team may be best served with you controlling the direction of the operation. Do your company justice by leading — not sticking behind a desk, stressing over numbers and figures. Leave those tasks to a trained accountant and relieve yourself of the burden.
As always, I am here to help. Should you have any questions about securing an outsourced payroll solution, please feel free to contact me.
Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.com<http://www.holbrookmanter.com/>.