Small business owners, especially in the first couple years of operating know that eliminating costs any way possible is absolutely crucial. However, cutting corners on your company payroll is not the answer. An unfortunate mistake that many business owners make is that they try and handle their payroll themselves or in house and face severe and costly problems. If you own your own business or are considering starting a business it can not be stressed enough to have a professional staff handle all of your companies payroll needs. Payroll processing is a huge pain, even for those who have an accounting background. If your company misses a tax filing or even makes the most miniscule error, the small mistake can cause huge problems. The good news is that going with a payroll company is easier than ever and very affordable, even for the smallest of business owners.

Why Payroll Services Are Essential For Small Business Owners:

Protection:According to the IRS 4″ of 10 businesses will be hit with an IRS payroll penalty, at an average charge of $845″ Many of these penalties can be avoided by having the company payroll be done by an expert.

Cost: Many large companies can afford having a in house payroll department, however this does not make sense for many small business owners. If you have under 50 employees and doing payroll in house chances are very high that going with a payroll provider will be much less expensive.

Headache: If you have employees that are working on different payment methods (such as salary, hourly, and independent contractor) doing the taxes can be a huge headache. The peace of mind knowing that your payroll is in the hands of experts is huge.

Reporting: Did you know that many payroll providers can send you a monthly report tracking various expenses that are involved with your company and your employees? These reports can include total employee costs, how much you are paying for benefits, commission expenses, and many other factors that affect your company’s bottom line. By looking at these monthly reports, you can make important business decisions that can help save money.

Time: Really, the most important asset to any small business owner is time. Do you want to spend your time research payroll laws or growing your company?