Payroll is a vital part of running a growing business. Whether you have one employee or one thousand employees, it’s important that your payroll is processed accurately and on time, every time. Delays and errors can have major consequences for your company. And yet, many businesses choose a rather inefficient and inaccurate way to process their payroll—handling it in-house.
Using a professional payroll service in Provo offers many benefits that your company is missing out on by processing your payroll in-house. Here are just 5 reasons why you should work with a third-party business for payroll services.
It Saves Time
Payroll is arguably one of the most time-consuming processes for businesses—and yet, it does nothing to actually help your business grow. As necessary as it is, processing your payroll is never going to help you get new customers or close more sales. So why would you spend so much of your or your employees’ time on it?
When you outsource this major time waster, you and your employees can refocus your time on tasks that will actually improve the business. Those extra hours every month can help you snag new clients, close bigger deals, and help your company to grow and expand, instead of just maintaining the status quo.
It Cuts Costs
Did you think you were saving your company money by not hiring an outside payroll service? Well, that’s probably not actually the case. As we already mentioned, processing payroll in-house takes time—and time costs your company money. We challenge you to sit down and take the time to calculate how much you’re paying your HR manager or other employee simply to process payroll every month. Make sure you include any time he or she spends double checking, printing checks, processing direct deposits, and correcting errors. Add in the costs of any payroll software you use, and you might be surprised by how high your costs are.
By allowing our team to handle the process for you, you can actually save quite a bit of money every month. We offer several service packages as well, so you can get the exact level of service you need to fit your company’s budget.
You Get the Best Software
Over the years, we’ve come to find that many businesses use outdated, inefficient payroll software and processes. Sometimes, this is because they don’t want to pay for the most up-to-date software. However, most often, we’ve found it’s because they simply don’t want to take the time to learn a new way to process their payroll. This leads to inefficient, time-consuming processes that are prone to many more errors.
At Biesinger & Kofford CPAs, we always use the most up-to-date technology and processes to ensure your payroll is processed efficiently and accurately every time.
It Keeps You Compliant
Compliance is always a point of concern for businesses. From your day-to-day operations to your filing systems, it always comes down to the question of “Are we in compliance?” Payroll is a major area where compliance is a serious issue. An error in calculating wages or withholdings, or simply filing your payroll reports late can lead to large fines and other repercussions for your business. Plus, government regulations are subject to change at any time, and if you don’t stay up-to-date on those regulations, you may find yourself slapped with a fine without even knowing what you did wrong.
Our professional bookkeepers at Biesinger & Kofford CPAs are constantly updated on changing regulations, so we can ensure that your payroll is accurate and compliant. Unlike an in-house employee, who has other duties to divide their attention, our sole focus is on ensure the accuracy and punctuality of your payroll every time it’s processed.
Even if you decide to continue processing your payroll in-house, our bookkeepers can provide an over-the-shoulder payroll service. We’ll look over your payroll to ensure that it is accurate and compliant, so that you have fewer concerns on your plate. We strongly recommend that any company processing payroll in-house utilize this service to help protect themselves from issues of compliance.
It Gives You Extra Support
Finally, a third-party payroll service offers you the ability to get expert advice and support on any issues relating to your payroll. Rather than relying on the knowledge of one in-house employee to ensure that your payroll is handled correctly, you’ll have the full support of our team of bookkeepers and CPAs. Whether you want an over-the-shoulder service, or you want us to handle every aspect of your payroll—from initial calculations to processing payment and filing the proper forms—you’ll have the backing of our experienced professional every step of the way. And isn’t that better than hoping Google can give you the right answer to your payroll questions?
To learn more about our various payroll service packages and our professional payroll service in Provo, contact us at Biesinger & Kofford CPAs.