Even the most savvy entrepreneurs sometimes have a difficult time keeping up with payroll taxes. According to howstuffworks.com, payroll taxes can create trouble, because “Complicated tax forms must be filled out and filed on an annual, quarterly, sometimes even weekly basis. Missed deadlines and improper tax filings can result in steep fines and even jail time.” A business owner managing payroll can be a huge time waster. That’s bad for the owner and bad for the company. Sitting in the office staring at a calculator cuts down on the time an owner can spend investing work into their business.
Small to medium-sized businesses often question whether or not to outsource payroll or keep processing in-house. Optimistic business owners frequently believe they will be able to handle all payroll problems, but unless an owner has extensive knowledge of payroll services this may not be the case. Many business owners may not be equipped to handle the level of work and internal customer service involved in handling payroll. So how do managers know when payroll processing has become too much?
For some small business owners business management is a natural fit. For others it is more of a necessary evil. Accounting can be tedious and difficult and some business owners do not have the time needed to gain the knowledge and skills needed to fully grasp the essentials for processing payroll. Even in businesses with only one or two employees, a basic understanding of payroll principles is needed. Payroll is much more complicated than some business owners believe. Payroll is not just a matter of making sure the checks are cut. And as a business grows payroll can become more time consuming and complex.
Payroll can be complicated as a company grows. So can payroll taxes. Payroll taxes are complex and take tremendous investments in time. So it may be true that a business owner can manage their own payroll, but the important question is: why would anyone want to?
Hiring a payroll service is, at the very least, worth the peace of mind. Knowing payroll is taken care of can be a big relief to small business owners. By hiring professionals, the business owner can ensure payroll is right….the first time. Business owners can easily make mistakes, amounting to costly problems with the IRS or unhappy employees.
Sure, in the end, only a business owner can decide what is right for his or her company. Business owners should always think before committing to one method of managing payroll or another. But even though outside payroll services may not be absolutely necessary for every company, they are beneficial to all companies.
If you’re considering outsourcing payroll call the experts at DirectPay Payroll Services today at 704-921-2730 or visit their website at www.directpaypayroll.com. DirectPay provides the accuracy, customer service and expertise to make the decision to outsource an easy one.
