When your small business has employees, one of the most important tasks is paying them in a timely manner. Hiring an online payroll service allows for your company’s payroll to be handled by experienced accounting professionals, eliminating the need to worry about inaccuracies in your payroll. According to the American Payroll Association, roughly 40% of small businesses incur an average of $845 a year in IRS penalties as a result of mismanaged payroll processes. Whether your business is new or already established, there are many benefits to hiring an online payroll service.
Looking to hire an online payroll service? Contact the Limitless Accounting Team today!
What is an Online Payroll Service?
An online payroll service is a company that automatically processes your business’s payroll calculations and tax statements, year-end tax statements, and much more. Many employers choose to use payroll services to ensure that their employees are paid in an accurate and timely manner. Payroll services can also be useful when it comes to meeting business deadlines and deposit requirements.
In addition to streamlining the business’s operations, online payroll services make the process of paying employees more convenient. These systems automatically take into account deposits and withdrawals, withholding and paying garnishments, shift differentials, overtime, holiday pay, and taxes, as well as Social Security. It will also file federal, state, and local taxes. Most full-service payroll providers integrate new-hire reporting, as well as time and attendance administration.
Outsourcing your business’s payroll services can provide a long list of benefits including:
Top 5 Benefits of an Online Payroll Service
Accuracy: Running payroll manually creates a chance of human errors being made. With an online payroll service, experts will be performing your business’s payroll in an online system, reducing the chance of potential errors.
Assurance In Complying With Regulations: Often, government regulations change regarding payroll management. Accountants working for an online payroll service are very familiar with the changing aspects of payroll compliance and will make sure that your business stays within its necessary regulations.
Convenience: Outsourcing your business’s payroll eliminates the need to worry about performing the confusing responsibilities that come with managing payroll. By hiring payroll professionals, it will allow you to focus on tasks that only you can perform–growing YOUR business!
Increased Data Security: Your business’s payroll data is extremely sensitive. Online payroll services use advanced software that helps to prevent potential security breaches and are able to act accordingly if an infraction was to occur.
Reduced Labor Costs: Hiring an online payroll service eliminates the need to hire an in-house employee to perform this task. Online payroll experts have already been trained to perform the desired tasks, meaning that they will not need to be trained in how to efficiently execute their position. By having an online service perform your business payroll, there will be a reduction of costs such as training, hourly wages, as well as other costs associated with hiring a new employee, saving your business valuable time and money.
When Should I Hire an Online Payroll Service?
Even if your business only has a few employees, it may be beneficial to turn your payroll responsibilities to someone else. Online payroll services work best for businesses who may be struggling to:
- Keep up with changing government regulations
- Meet important payroll deadlines
- Create accurate payroll entries
Payroll is often a business’s largest expense. Running payroll can be a tedious task, and one mistake can cost you unwanted expenses. If you are struggling to keep up with your employee’s payroll, or just want the reassurance of expert calculations, outsourcing your business’s payroll might be the right choice for you.
Limitless Online Payroll Service in Gilbert, Arizona.
Looking for an online payroll service? Limitless Investment and Capital offers a variety of skilled payroll experts qualified to assist your business’s needs. Rather than struggling to manage your business’s books, focus your efforts on a piece of your business that only you can. Our goal is to provide you true accounting freedom. Interested in a free financial analysis? Contact us today to get started!