According to a recent survey, over 75% of small business CPAs believe their clients don’t have the skills to handle payroll processing. While some business owners choose to handle payroll in-house, increasingly, small business owners have come to value the expertise of payroll processing services in Cape Coral. Below are a few reasons why many business owners prefer to outsource payroll.
Time Savings
No matter how many employees a business has, handling payroll requires a significant amount of time and attention. Every pay period, the business owner must input a huge amount of data and check it for errors, which takes time away from other necessary tasks. Outsourcing payroll allows the business owner to free up more of his or her time, as they only have to call the company once every pay period.
Financial Savings
When time is saved, money is saved as well. As mentioned above, payroll processing takes an immense amount of time and effort. When it’s evaluated on a monthly or per-pay period basis, a cost/time analysis may point to the benefits of a payroll service provider.
Higher Security
Payroll processing is a risky and complex operation. Even when employees are trusted, there’s a risk of embezzlement, identity theft, and records tampering. The use of payroll software comes with certain risks as well, as data on a company’s server or network can be compromised. By comparison, payroll processing services in Cape Coral offer a safe place for confidential data.
Regulatory Compliance
Generally, small business owners aren’t experienced with the government’s tax rules. However, they are legally liable for misrepresentations and failures to report employment taxes to state and federal government agencies. Mistakes can be costly, leading to penalties and audits. Rules are always changing, and professional payroll services have what it takes to keep up with the changes.
While some company owners prefer to do their own payroll, using a service can increase data security and provide reassurance. When the experts handle a company’s payroll functions, there’s less chance of a serious and costly mistake. These are some of the most compelling reasons to outsource a company’s payroll through. For more information, visit Entrust Payroll Solutions.
