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So, you have decided to start paying your employees.
Well, we hope they have already been getting paid. So, maybe, you have just decided to let a professional handle your payroll.
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]For many entrepreneurs, having employees is a blessing and a curse, especially when you are paying them! There are many benefits to outsourcing this tedious task, including knowing that you and your employees will be paid and paid on time.
First, what are payroll services? Most professional CPA’s will include the following:
- Payroll Processing for all employees (weekly, bi-weekly, bi-monthly, monthly)
- Direct Deposit
- Quarterly Payment Reporting
- Year-End Reporting (W2, 1099, etc.)
- Support
1. Free up your time!
When you are first starting out, this is usually an afterthought. Either you are a lone wolf, or use subcontractors. Once you start getting busier, generating more revenue, and bringing on employees, it is time to start thinking about outsourcing this piece of your business.
Doing payroll is time consuming and it doesn’t go away. It isn’t like doing your taxes only once a quarter. It is every single month, for each employee. Sure, once it is setup it may be as easy as entering time records, but is it set up correctly? What if you mess up? These add more time away from you growing your business.
2. Reduce your risk!
A professional payroll company knows all the rules and regulations surrounding payroll and the different ways to pay employees and subcontractors. The IRS imposes strict guidelines that are a headache to learn for the everyday business owner.
Knowing what taxes to take out, and how much to take out is the responsibility of your payroll firm. You no longer need to lie awake at night wondering if all the correct taxes have been withheld!
3. Add a new partner!
Using a local CPA that specializes in small business payroll is the way to go. This will be a pivotal partnership for the life of your business. Someone you can turn to for advice on whether to hire an employee or utilize a subcontractor and they will also do your taxes!
Growing your business is your ultimate goal. Providing quality services and products to your customers is how you get there. By enlisting the proper people around you and your business, you will have professionals to help you every step of the way.
Let’s review. Outsourcing your payroll may seem like an unnecessary expense for small businesses, but remember, your time equals money, reduce risk and headaches, and finally, add a new partner to your growing business!
Schedule a free consultation today with a professional CPA and get a peace of mind and avoid potentially huge problems![/vc_column_text][/vc_column][/vc_row]