Small Business Payroll Services

If you’re like many small business owners, it’s likely that you wear many hats and are always on the go. From managing to accounting, there are multiple tasks you have to manage each day. Simplify your to-do list with payroll services for small businesses from First Bank.

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!

———
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/

Share:

You may be interested in...

How to finance rapid business growth Making things grow, one decision at a time Mary stands between two deliver trucks, unsure what to do next. Another large order just came in, which is good news — until she looks at the calendar. Both trucks are already booked. Her team is stretched thin. And the equipment she needs to keep up? It’s going to cost more than what she has available as liquid assets to reinvest. As a business owner, you have to be ready when opportunity knocks. Times like this are when a business loan or revolving line of credit can help you take the next big step. New opportunities don’t wait around Every growing business eventually hits a point where opportunity exceeds cashflow. But that doesn’t mean you have to slow down — it just means you need to be ready. Rapidly growing businesses might have to deal with: High upfront costs for new equipment, employees, or inventory Rising vendor costs in anticipation of higher customer demand More opportunities in the pipeline than capacity allows Managing that kind of growth can feel like trying to pace yourself for a marathon when every day is a sprint. You worry that you won’t be able to keep up, but you also have to be careful about overcommitting resources. You want to keep growing, but you’re afraid of taking on debt Debt is uncomfortable. There’s always a certain degree of uncertainty — what if the new deals don’t come through, or the economy slows down, or the market shifts? Hesitation is healthy, but it’s important to realize that debt isn’t automatically bad. The structure of debt matters just as much as the amount, because not all types of financing are right for all types of business. Frequent, small, short-term cashflow gaps may be better served by a business credit card. Larger, intermittent gaps can be solved with a revolving line of credit. A major one-time expense may demand a business loan. The key isn’t to borrow more or less. It’s to borrow smart. Know the nuances of different types of business loans We firmly believe that business banking isn’t about filling an order — it’s about collaborating with business owners to provide the best possible service. That’s why we offer a range of financing products to fit the way businesses actually operate. Business loans When you need capital for a specific purpose, like new equipment, a traditional business loan lets you take out a defined lump-sum amount with structured repayment terms. Best for planned expenses that you’ll pay off over the long term. Lines of credit When you have ongoing working capital needs, a line of credit offers flexibility. You can draw from it whenever you need, only pay interest on what you use, and access new funds as soon as you repay whatever you took out. Best used as a buffer for managing cashflow gaps. SBA loans In some cases, government-backed SBA loans can offer more flexible terms than traditional loan structures. The right option will always depend on your business, your goals, and your tolerance for risk. A local banker can help you decide whether SBA loans are a good fit for your business. Commercial real estate loans A commercial mortgage helps you find the perfect place — whether it’s an office, a retail park, a warehouse, or something else. Use a loan like this to build your investment portfolio or help your business scale. Think your business would benefit from smart financing? Debt doesn’t have to be an albatross around your neck. It can help you say “yes” to new opportunities without hesitation and make investments that support your business in the long term. That’s why we believe that smart financing starts with a conversation — not an application. Talk to a local banker today to learn how we can help your business grow. 4 min read

Woman receiving feedback in store from customer

5 Tips for Leveraging Customer Feedback It’s been said that we have 2 ears and 1 mouth for a reason: we should listen twice as much as we talk. Here are 5 tips to make sure you’re listening to your customers (and not just talking at them). 3 min read

Two smiling people looking out towards camera.

Top Five Reasons to Offer Employees First@Work Did you know that 78% of Americans live paycheck to paycheck? And only 40% of Americans have sufficient savings to cover a financial emergency of $1000 or more? Imagine the stress that money issues like those might cause, and what that stress can do to employee productivity. According to a study by the American Institute of Stress of over 800,000 workers in over 300 companies, the number of employees calling in sick tripled in a four-year period and an estimated 1 million workers are absent every day due to stress. It doesn’t have to be that way. In order to help alleviate some of that stress, First Bank offers businesses a financial wellness program called First@Work. This program provides them with education and an exclusive suite of products, discounts, and unique services. The top 5 reasons you should offer your employees a First@Work account: It costs you nothing, and you can include it in your list of benefits for your employees. A Focus on Financial Wellness that includes: Online Courses: Free online courses empower employees with the knowledge they need to make smart financial choices. In-Person Seminars: Live workplace workshops inform and educate your team at your location. MyMoney tool: Free personal financial management tool helps employees manage their money in real time. It includes no hassle checking and savings accounts: Checking account with no monthly maintenance fee with a direct deposit1 No-hassle savings account when you set up a $10/month auto-transfer or maintain a minimum daily balance of $300 One overdraft fee waived annually* Digital banking and mobile banking app with check deposit World-Class Protection IDProtect® – Identity Theft Monitoring and Resolution service2 that includes: Credit file monitoring3 Up to $10,000 ID theft expense reimbursement4 And more! Cell phone protection4 Convenience More than 100 branch locations across the Carolinas No First Bank fees at out-of-network ATMs plus with our ATM fee rebates we will refund up to $15/month of fees charged by other ATM owners5 Free digital banking and free mobile app with check deposit and Zelle®6 Ready to Get Started? Sign up for a free consultation or visit your local First Bank branch! Avoid the $20 monthly maintenance fee by receiving a direct deposit of any amount during 4 min read

What is the Best Bank for Small Business? If you own or plan to own a small business, you might be asking yourself, “What is the best bank for a small business?” With our history founded on the values of small business and by providing many banking options designed specifically for small businesses, First Bank has solidified its place as the best bank for your business needs. Choose a Bank for Your Business According to Inc., choosing the best bank for your small business is all about knowing your needs, comparing features, and looking for the right size bank. “From the very start, your business should be on the lookout for a supportive and reliable bank. Whether your needs are simple (a separate business checking account) or complex (a line of credit), finding the bank that fits your business’s needs is crucial. In making the decision, it is pertinent to consider not only your business’s current needs, but its potential future aspirations. That’s especially true if you’re anticipating being in the market for a loan over the next few years. Because the bulk of small business loans come these days from community banks like First Bank, it is advisable to establish a good relationship with your bank before your business needs outside capital.” Why First Bank? First Bank’s commitment to small businesses began when we first opened our doors in 1935 in the small town of Troy, NC. After the town lost its only bank during the Great Depression, First Bank stepped in to take care of the farmers and small business owners of the community. We have continued to evolve our model for serving small businesses ever since. First Bank provides a variety of services to small businesses including: Loans. First Bank offers business loans—including credit lines, commercial loans and construction loans—with flexible terms and competitive rates.* Business accounts. Choose from five business checking accounts, three business savings accounts, and free financial education for your employees. Credit cards. Earn rewards points when use your First Bank business credit card.** Business services. Easily accept and process credit and debit cards, electronic checks, and gift cards from your customers; protect yourself from fraud; processes checks remotely; and more. Treasury services. Let First Bank take care of your payroll direct deposit, deposit 4 min read

Small Business Payroll Services

Ready to talk to an expert?

Outsourcing Your Payroll Services

A Payroll Service Provider You Can Trust for Your Small Business

Ready to talk to an expert?

You may be interested in...