Since payroll is an important function of your business, it may be best to outsource to an expert.
Outsourcing payroll can save you time. Payroll requires a lot of attention to detail and not all business owners have the time to put into payroll. Outsourcing payroll services have a lot to offer from processing your payroll, calculating, and submitting quarterly and year-end payroll taxes, along with W-2 processing and filing. If any mistake is found, then navigating how to correct those mistakes on your own can be challenging and cause employee frustration if additional funds need to be withdrawn from their paycheck to cover the mistake. Partnering with an outsourced payroll solution can reduce the risk of mistakes happening.
For small and medium-size businesses, outsourcing payroll can save you money. It also allows you to have access to professional experts to help with any questions you may have.
Keeping up with compliance and tax rate changes can be difficult if you do not have excellent software that will update tax rates for you. Also, knowing what to withhold from your employees can be challenging if you are unfamiliar with payroll. Hiring an expert will eliminate any. An outsourced solution can also help with processing the filings and payments that are necessary for your business.
Tax Notices can be challenging to understand. Having a payroll service will allow you to send all your taxes notices to the experts to help you discover why you are receiving the notice and help you to resolve it. If you are using payroll services, they will ensure your payments and filings are submitted on time, in return decreasing the amount of notices and fines you will receive.
Most payroll service providers have improved technology for processing payroll. This is something that is too expensive for small and medium-sized firms to invest in themselves, making outsourcing a good solution. Moreover, payroll service providers offer a client portal where you can access all your payroll reports and tax returns in one place. Your employees can also use the portal to have access to their paystubs and W-2’s.
In conclusion, partnering with an outsourced payroll solution is a good option for small and medium-sized business seeking to reduce their time commitment and save money. Baldwin CPAs offers payroll solutions designed to fit the needs of your business. For more information, please don’t hesitate to reach out.
This article was written by Ashley Harrison. Ashley is an Payroll Specialist II with Baldwin CPAs. For more information on the support Baldwin CPAs can provide you, contact ashley.harrison@baldwincpas.com.