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/cash-management/payroll-processing/payroll-direct-deposit/
https://localfirstbank.com/business/cash-management/payroll-processing/payroll-cards/
https://localfirstbank.com/business/cash-management/payroll-processing/

Trending Topics
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’re fixed rates and adjustable rates,… Highest Yield Savings Account – Asheboro, NC For customers who do not need immediate access to their funds, a Certificate of Deposit, or CD, is one of the highest yield savings accounts offered at First Bank in… Where to Get Physician Mortgage Loans If you’re a business minded professional looking for a mortgage loan with a competitive rate, you’re in luck. First Bank is pleased to be the place to secure physician mortgage… Banks That Offer Personal Loans – North Carolina Have you been looking for a bank that offers personal loans in North Carolina? Are you tired of sifting through endless search results only to be disappointed by your options?… Small Business Startup Loans in North Carolina If you have a good idea and a little bit of business savvy, a small business startup loan can serve as the cornerstone to your fortune. Whether it’s a traditional business… Get a Hassle-Free Checking Account with First Bank Figuring out where to get a hassle-free checking account doesn’t have to be hard. First Bank offers five different types of hassle-free checking accounts that don’t have monthly maintenance fees… High-Interest Savings Accounts in South Carolina Why should I settle for a regular savings account when I can take advantage of a high-interest savings account? If I’m going to store my money away, I may as… Compare Savings Accounts – Pinehurst, NC To find just the right savings account, you must ask yourself what you need. First Bank makes it easy to compare savings accounts in Pinehurst, North Carolina, and has a… Realize Your Dream with a Competitive New Business Loan – Asheville, NC First Bank is the lender of choice for many borrowers in Asheville, North Carolina. A new business loan can allow you to pay for startup costs such as equipment, supplies, vehicles… Community Bank for Small Business Since 1935, First Bank has been the go-to community bank for small business owners. Our first branch opened in Troy, NC, where we helped farmers and local business owners manage…