Small Business Payroll Services
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Outsourcing Your Payroll Services
Many small businesses outsource services to compete with larger companies. Payroll services are one of the primary aspects of conducting business that new entrepreneurs outsource, and the benefits can add up. Instead of spending a significant amount of time providing management reports, calculating payroll, and preparing checks, owners and their employees can focus on the rest of their work priorities.
The Houston Chronicle named its top 4 advantages of outsourcing payroll as part of your business’ financial management.
- “Accountability”—With constantly changing tax regulations, it’s almost inevitable that you’ll make an error in your calculations. Many payroll providers “offer services to file state and federal payroll taxes for your business.” This saves you time that might have been lost in calculating taxes and potentially refiling them later.
- “Tax Expertise”—The IRS states that “40 percent of small businesses pay penalties each year for late or incorrect filings and payments.” How can you avoid this? A tax guarantee. This is something that many payroll providers offer that may cover you financially if any penalties are incurred when taxes are filed.
- “Productivity”—This can’t be emphasized enough: outsourcing payroll services saves you time (a lot of it). Managing your own payroll system takes up a lot of your time and prevents you and your employees from pursuing “more important value-added and revenue-generating activities.” It can also save your employees a trip to the bank.
- “Financial Reporting”—Drafting and finalizing financial reports for your small business is also extremely time-consuming. Many outsource providers offer a variety of report services, including “summaries on earning statements, payroll by departments, timesheets, expenses,” and more. This helps you to keep detailed records of your business’ financial history.
A Payroll Service Provider You Can Trust for Your Small Business
When you’re outsourcing a service, particularly a financial one, it’s important for you to not only have confidence in that provider’s abilities but in its trustworthiness as well. As your community bank, we’ve designed simple business solutions with your needs in mind to help with payroll services for your small business: Payroll Direct Deposit and Payroll Cards.
Learn more about First Bank’s options for efficient payroll service for your small business by signing up for a free financial consultation with one of our experts today!
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Sources:
http://www.nytimes.com/allbusiness/AB5221523_primary.html
http://smallbusiness.chron.com/advantages-hiring-payroll-service-company-23000.html
https://www.sba.gov/blogs/five-tips-outsourcing-your-small-business-payroll-operations
https://localfirstbank.com/business/treasury-services/payroll-services/
