Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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 “determining tax obligations,” “providing management reports,” “calculating payroll,” and “preparing checks,” owners and their employees can focus on the rest of their work pile.

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/

Trending Topics

Wilmington Bank

Wilmington, North Carolina, has a lot to offer, and that includes the town’s financial institutions. The very best qualities of Wilmington’s banks are evident in the five First Bank locations found on Oleander...

Learn How Much You Should Be Saving Each Year

Wondering how much you should be saving each year? Many specialists believe in the 50/20/30 budget: 50% is spent on necessary expenses (e.g. credit card bills, rent), 20% of your income is put into...

Highest Yield Savings Account

A high yield savings account is a great way to grow your money over the long term. First Bank has several options for those searching for the highest yield savings account available to them. Read on to learn more...

Where to Get Commercial Mortgage Rates

Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while...

3 Reasons to Use a Commercial Building Loan Calculator

If you’re looking to build or to purchase a commercial building, it’s a great idea to start with a commercial building loan calculator. It can give you a sense of how much to borrow for the property...

Where to Get 15-Year Mortgage Rates

If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over your options with you and help you...

Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance)

A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest decisions you ever make, so it is...

3 Major Factors of a Small Business Credit Card Comparison

Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to entrepreneurs, which can make it difficult...

Mortgage Q&A: What Are Current FHA Rates?

What are FHA mortgage rates? They’re the rates associated with an FHA mortgage. FHA mortgage rates will vary based on a number of factors. There are fixed rates and adjustable rates, down payments, credit scores of...

What is the SBA?

If you have a business plan but are having trouble acquiring a bank loan, consider reaching out to the Small Business Association (SBA). The SBA is a government-affiliated organization that provides small businesses...