• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

Business Managers Need to Answer These Five Questions About Payroll 

August 26, 2020 Leave a Comment

Share this:

  • Tweet
  • Email

No matter what business you choose to be in, one factor will remain the same: the payroll process. This begins when you hire your first employee. You must pay them based on the hours they work according to their pay rate for each pay period. In addition, you need to know what to withhold for state and federal taxes, insurance, and unemployment. 

Whether your business is small, mid-sized, or a corporation, the payroll process is unavoidable. One possible time and money saver is outsourcing payroll. It’s up to you to decide if it can save you time and money along with giving you peace of mind. 

How Much Time Can You Devote to Payroll?

Whether you have a few paid workers or several hundred employees, payroll demands take a 

lot of time and attention to detail. Someone must put in major amounts of data, double checking for mistakes, for pay period after pay period.

The work demands that you be up to date on all federal and state payroll regulations. 

If you look at bookkeeping certification courses, you’ll see that they require years of work in payroll processing before being eligible to apply for certification.

There’s a lot to learn, like keeping track of benefit deductions, garnishments, new hires and terminations, and time off. 

Then there’s state and federal regulation changes. Outsourcing payroll can immediately free up time for the business owner and staff. 

Is It Cheaper to Hire or Outsource?

The costs of processing payroll can be hefty especially for a small-to-medium-sized business.

Your employees can spend many work hours on calculating payroll, training and support, keeping up with changing in tax laws, preparing and remitting payroll taxes and returns, w-2’s, new hire reporting and much more. 

When you figure out how many work hours your staff gives to payroll activities, you may decide that outsourcing may be a money saving option.

Outsourcing means you don’t have to pay employees for work not dedicated to growing your business. 

How Can You Secure Your Payroll Process?

Unfortunately the payroll process poses potential risks for any company. There is the risk of employees tampering with company files. There is the concern of how safe or secure your payroll data is on the company’s server. 

Professional financial services have technologies that can highlight varied types of issues including payroll fraud.

Outsourcing to an established, reputable firm can provide a confidential place for your business payroll data including effective backup and multiple servers. 

Do You Have Payroll Expertise?

Do you have time to research and study the ever-changing regulations, government forms and withholding rates?

There are many sources to go to but how do you decide what source to trust and how to keep up with all the state and federal regulations?

When outsourcing payroll, your business can take advantage of a team of experts whose job it is to keep up with all of the regulations as well as handle multiple areas of payroll and human resources. 

Who Can Help You Avoid IRS Penalties and Errors?

Penalties for errors with payroll tax filings can be expensive.

According to the Internal Revenue Services, 40 percent of small businesses pay penalties averaging around $900 per year for incorrect or late filings and payments.

These errors can lead to audits and further penalties, nothing any business wants to have to handle. 

Professional payroll providers must stay on top of the rules, regulations and requirements of the IRS.

By outsourcing payroll, you have a team of experts at your disposal dedicated to keeping your payroll accounts accurate and error free.

Depending on your answers to these questions, you may decide to outsource their payroll. 

This can save you time and money while giving you peace of mind to focus on other important aspects of your business.

You have no choice but to take responsibility for payroll, but, at least, you get to decide whether to keep payroll in house or outsource it. 

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« How to Get Top Dollar When Selling Your Car
How to Do A Value Analysis Before Acquiring an Online Business? »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $10,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

The Tuttle Twins coupon code

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2021 One Cent At A Time · Designed by Nuts and Bolts Media
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.