Outsourcing Payroll Has Benefits While PEO's Do Much More
- Author Anthony Kelly
- Published November 30, 2010
- Word count 400
Payroll for the average small business owner consumes time and resources that will usually frustrate the employer. Having to ensure you are up to date on the newest taxes and reforms for your employee’s paycheck can be a tedious ongoing task. Even though doing payroll yourself might save you short term cash, chances are you may find that it is not worth the trouble in the long term. Therefore, outsourcing payroll should be taken as a serious option. The following are a few simple reasons why outsourcing payroll will greatly benefit you and your business.
1st – Time
If you bring yourself up to date with the newest tax regulations, you are definitely spending time on something experts are readily available. Your precious hours should be used on your businesses growth, not learning the intricacies of payroll. Large businesses can afford to have a specialist that only processes payroll, but you don’t have this luxury.
2nd – Risk
One mistake in payroll and you put yourself and your business at risk. Something that goes unnoticed, even an innocent mistake will create long term problems. Ideally you could identify mistakes, by spending time ensuring mistakes do not occur, this costs you time away from your business. Outsourcing your payroll lets the payroll company have some accountability for mistakes - because payroll is their business.
3rd – Consistency
Everyone likes consistency in life. It’s nice knowing what to expect, whether it’s the fixed cost of running your business or ensuring that payroll filing and paychecks are consistent and accurate. While the payroll portion of your business is taken care of you can ensure that the rest of your business is consistent. Of course your customers will appreciate you providing consistency in your business as well.
Outsourcing Payroll is an option that every single business owner should consider. One option to do this is to hire a PEO (Professional Employer Organization). PEO’s can help with even more of your small business needs, from small business human resources, payroll, worker’s compensation and additional medical benefit options. So like the payroll outsourcer, the PEO will process your payroll, deliver checks, perform direct deposits and file your payroll taxes. PEO companies are all great options to help you with your small business needs. The brief reasons above should be considered whether you work with a PEO or go with your typical payroll outsourcer.
Anthony Kelly is a frequent contributor to PEOcompare.com and frequently writes about compliance, HRO, PEO insurance, outsourcing, and other issues affecting the small business owner. Contact him at a.kelly@peocompare.com.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Project Managers & Stakeholders: Channels of Communication
- Closed Cell Insulation: Your Ultimate Guide
- Leading A Successful Project In A Turbulent Time
- Project Planning
- A Manager's Perspective - Dynamics of the private education industry
- Permanent or Temporary Staffing: Which One Is Right for Your Business?
- Crafting Corporate Culture: Empowering Teams for Success and Fostering Diversity through Strategic Partnerships
- Elevate Business Operations in the UAE | Connect Resources Your Trusted Employer of Record Partner
- Thinking Outside the Box: How Divergent Thinking Boosts Creativity
- The Ultimate Guide to Launching Your Dream Glamping Business
- The Impact of Agile Leadership on Team Enhancement
- Top Strategies for Boosting Your Construction Team's Performance
- Elevating Corporate Success through Relationship Asset Management (RAM): The Chief Relationship Officer's Vital Role
- 5 Strategies for Becoming an Inspiring Leader
- Are you a Leader—or a Dinosaur?
- Networking—Basic things to know
- Lessons from a Farmer
- Think like an Entrepreneur
- Maximising ROI at Your Next Corporate Event
- Hiring Your Leadership Team: The Best Traits for the Best Employee Experience
- Reqi: Your Ultimate Requirements Management Tool
- Hiring Insights and Tips from a COO with a Psychoanalytic Mindset
- Micromanagement Stifles Creativity and Growth
- TIKTOK INFLUENCER MARKETING
- Innovate or Stagnate: Why Business Model Transformation is Non-Negotiable.
- Creating a successful Trade show in 2023
- Air Lift Performance: Elevating Your Driving Experience with Air Suspension
- Disaster Recovery Plan for Tornado
- What Is a 360 Leadership Assessment?
- Diary Management: A Comprehensive Guide