The Benefits of Online Payroll Services for Small Businesses
Written by Eddy Hood
Should you invest in online payroll services for your small business? There are a variety of reasons why one would consider looking at and pricing payroll programs. For small-business owners who love and are adept at accounting, sometimes doing things in-house may seem like a fine choice. However, here, we examine some of the reasons why it’s smart to let the professionals handle payroll:
What You Might Need Online Payroll Services For
Small-business owners often assume that payroll simply involves providing consistent paychecks to employees and think that it’s definitely something they could keep in-house. In some instances, doing payroll in-house may be cost-efficient, but in many more cases, it’s not. Payroll requires training, time, money, and accuracy, which is why many businesses turn to online payroll companies. For small-business owners who are wondering what a payroll company would do for them, we’ve compiled a basic list. Here are some of the things an average payroll company would help you to do:
- Keep track of employee tax information
- Help employees view and update benefits, retirement, or insurance information
- Handle special payment circumstances legally and correctly, such as disability, employment, and family leave
- Track paid time off (PTO) and attendance information
- Administer and collect various important human resources forms
- Send any important quarterly reports or key data sets to the right groups
The Key Benefits of Choosing the Best Small-Business Payroll Software
An owner may be able to simply pay a group of people consistently, but it’s often more difficult to also keep track of the right paperwork, pull reports, or handle special circumstances. As a result, for medium-sized businesses, it’s often one person’s dedicated job to take care of payroll or several people’s part-time job. For small businesses, it’s still very time-consuming, and owners struggle to keep up. Regardless of what they are using online payroll services for, small-business owners can also enjoy the following benefits as a result:
- You can save money by reducing data entry errors and sometimes avoiding large mistakes.
- You can save time, allowing you to focus your energy on core competencies and ignore the tricky business of conducting bookkeeping duties yourself.
- You can increase visibility for employees, as they’ll often be able to log in and view their account information, reducing any awkward, uncomfortable, or accusatory conversations.
- You can reduce the need to train or maintain payroll-related employees, reducing costs further and allowing HR professionals to focus on other important duties.
- You can ensure that tax information is consistent and accurate and have the information at hand rather than needing to calculate based on lists.
Who Offers the Best Payroll Service for Small-Business Needs?
There are several kinds of outsourced services and software solutions, so it’s hard to figure out which one is the best. Small-business payroll software, like Paychex, can be used in-house, or it can be managed by a team of reliable, outsourced professionals, like those at Ignite Spot. Our online accounting firm can help you navigate your expenses. Learn more by contacting us at 855-694-4648 today! You can also download our free pricing guide here.
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