Bookkeeping and payroll are all operational work which has been long known to take the majority of a business owner’s time. Usually, business owners/employers have two payroll processing options-process payrolls in-house or outsource the work to a bookkeeping and payroll service company.
Processing payroll in-house can slow down business growth. A small business owner should consider the following when attempting to process payroll in-house:
* Training personnel for bookkeeping and payroll processing duties.
* Using personnel for bookkeeping and payroll processing versus other business tasks.
* Costs related to computer equipment and software.
* Keeping up to date on payroll tax laws.
“Many small businesses today are outsourcing bookkeeping and payroll to reduce costs and shift the burden.”
Advantages to outsourcing include:
* Accuracy: We ensure the accuracy of all data entry.
* Convenience: You can get information to us by fax, phone, e-mail, etc.
* Confidentiality: Your risk of exposing information to unauthorized personnel is eliminated.
* Employee Benefits: You can offer employees more benefits, such as free direct deposit, life insurance, health insurance, retirement, and other employee benefits.
* Business Focus: This is the most important advantage as more time can be spent with the actual running of your business than with trying to process the books and payroll in-house.