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Hannah Aguilar

How Outsourcing Payroll Services Help Your Business Grow

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Payroll outsourcing is a new concept to thousands of business owners around the world. You wouldn’t think outsourcing would be new as it has been going on for a number of years and yet, a lot of people still think it’s new! However, there are real reasons as to why outsourcing has become popular and it really is a useful tool for thousands of business owners too. How can outsourcing to a small business payroll service really help your business grow today?

You’re Freeing up Time

Let’s say you run a small business. You have over a dozen simple tasks to take care of on a daily basis and a lot more to go with them too! However, how can you possibly find time to handle them all and deal with payroll? It is not easy to say the least and, in truth, it can be almost impossible to actually juggle your business and home life. That is why outsourcing is a great idea. When you outsource to a payroll service you can actually get a great way to free up some much needed time. This is ideal to say the least and really it’ll help in many ways. You have free time available to take care of other business matters or to just spend some time at home with the family!

Your Business Can Have Professional Help

While you might think your business is in the best possible position, think again! When you have a business to run and you haven’t been in this position for long, anything can go wrong. If you’re new to running a business you can easily make a mistake and it might mean the end of your business. Do you really want this? Of course you don’t and it just isn’t necessary anymore. You could, in fact, look into payroll outsourcing and get professional payroll help. Essentially, you can help to ensure the business is heading in the right direction and prevent any mistakes from occurring.

Mistakes Mean Money

What happens if you were to make a mistake somewhere with your payroll? You might think nothing major would happen but you might just be wrong. When something goes wrong with payroll it could mean the employees are not paid on time or the right amount. That spells trouble for the business because people will not be happy they haven’t been paid. Choosing a payroll service might help to prevent this from becoming a problem. It is wise to look into hiring a service rather than going solo.

Grow Your Business

Growing a business takes time, patience, energy and a lot of help! When your business has all of those things, it can become easier in every possible way. Unfortunately, there are far too many people who don’t think about this and end up failing before they’ve gotten anywhere. You don’t want this to happen to you. Always take the time to look into outsource as it can help. Payroll outsourcing might just save you from failing.

Bad Payroll Practices to Run Far Away From

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Payroll service is an essential business practice – like sales or customer service. It can be difficult, detailed and complicated with its ever-changing rules and regulations and the consequences of some mistakes can be much more serious than an employee’s checks simply being wrong. Many mistakes can result in getting a very hard time, no, not from the employees, but from people you already don’t want to know – the federal and state government enforcement types.

While pay services offer an attractive and valuable alternative to in-house processing, this is true only when chosen correctly and monitored by someone (like a professional freelance accountant or bookkeeper) who knows the basic compliance rules.

When a payroll service company is chosen correctly, they provide a less expensive, simpler means of paying employees and filing the compliance tax returns each quarter, not to mention protecting you from the liability associated with preparing payments, it is important to remember:

THEY, the payroll provider, are responsible for calculating pay from the information provided to them and remitting your tax payments and filing your returns on a timely basis.

YOU, the user of the payroll service (freelance accountants, bookkeepers or business owner) are responsible for:

Knowing the basic rules of payroll and asking the provider the “right” questions about their services as it relates to your company. Bear in mind even if you ask the “right” questions the sales representative, who sets up your account and the customer service representative whom you deal with after your account has been set up, may not have the correct answers no matter how large or small the company! Here’s an example of an incorrect set-up that ended up costing a client of mine almost one-hundred thousand dollars. Click here.

Understanding exactly what services the payroll service provider performs for you and how those services affect your cash flow. For example, does the service you select debit the entire net pay and taxes amount from your checking account or do these amounts clear individually on your bank account?

With payroll service companies now providing an internet option for the convenience of processing, the burden of entering information accurately and correctly belongs with the business owner or the bookkeeper performing this task on their behalf. Mistakes can result in additional processing fees being charged.

Quarterly refresh you working knowledge of the basic compliance rules.

Develop a relationship with ONE payroll provider that you like working with and TRUST. My success has come in getting to know one sales person and asking to have one customer service representative who I can go to no matter which company my client works with to get good answers to my questions. I never force my clients to move to the payroll company I prefer, but once I gain their trust I do suggest that we move to my favorite because of my working relationship with them and usually can obtain better if not competitive pricing for my client.

If you process payroll on behalf of your client, standardize the format in which your client provides you the payroll information. This will eliminate the guess work. Don’t forget, even though your client is outsourcing their pay, the burden of the responsibility for accurate payroll compliance relies with the business not the payroll service provider which is why they need you! Click here for more information: http://payrollserviceaustralia.com.au/payrolloutsourcing/