Payroll has become increasingly complicated. Gone are the days of simply adding up hours and writing a check. What once took an hour now takes the whole day or more. Add in time for daily bookkeeping and monthly accounting and it’s no wonder small business owners work non-stop. If that’s you, perhaps it’s time to consider delegating payroll and accounting to one firm that can handle it all for you.
Small Business Payroll Challenges
Timeliness
Payroll deadlines are fast and furious. Miss payroll and you won’t have employees. Miss a tax deposit and you won’t be in business long. Miss a filing and you’ll receive a notice for interest and penalties. Managing payroll is a full time job that demands your immediate attention all year long.
Accuracy
The list of every potential payroll item is too long for this blog. Consider all of the different hours, pay rates, locations, Federal, state, and local requirements, pre-tax items, after-tax items, tax rates, tax withholding, garnishments, and more. Get it wrong and you’ll hear about it.
Benefits
Attracting and keeping good employees requires offering various benefits. Do you know how to handle Health Savings Accounts, retirement plans, or health insurance?
Deductions
Pre-tax? After-tax? Both? Levy notices, wage garnishments, insurance, and more?
Time consuming
Unless you know everything above off the top of your head, you’ll likely spend more time than you can afford trying to keep up, and you may still make mistakes as laws continuously change. How much is your time worth?
HR Gaps
A small business owner needs to wear a lot of hats, but Human Resources isn’t one of them. Add Work Comp, DOL, OSHA, and more to the items above and see if your head doesn’t explode. Don’t risk a lawsuit.
No wonder small business owners work non-stop.
Benefits of Outsourcing Small Business Payroll Management
One of the easiest ways to increase your focus on the parts of your business that only you can manage is to outsource your payroll management. Finding a partner to help with this administrative task can save you time and reduce your headaches. Working with payroll professionals has other benefits as well.
Access specialist knowledge
Trust the experts to stay up-to-date on the latest changes, and correctly process every payroll item you throw at them.
Provide employees with instant, secure access
Empower your employees to access and download their paystubs and W-2’s whenever and wherever they want.
Save administrative time
Take yourself out of the equation by delegating payroll processing, tax payments and filing. Replace data entry with review and approval.
Increase focus on business core purpose
Get back to doing what you love and run the business you started.
Benefits of Combining Payroll with Accounting Services
Some small businesses stop at simple outsourcing of payroll as a way to save time and simplify the management of the business. But a better solution is outsourcing both payroll and accounting to a single firm. By choosing a single partner to handle all the financial concerns of your business you get the following benefits.
Eliminate vendorย management
Don’t be the middleman. You save time and do less by working with the same firm for both payroll and accounting. Let the professionals coordinate internally and stay out of it.
Single point of contact
Have an issue? Don’t sit on hold waiting to speak to a different customer service rep each time. Simply call your local one-stop-shop and speak to the person you know and trust.
Increased accuracy in reporting
Things don’t fall through the cracks with integrated systems. All liabilities and expenses are immediately and accurately recorded, and year-end tax-saving strategies are relayed and recorded through payroll in time.
Greater cash flow insight
A traditional, standalone payroll service won’t look at your books. Working with a firm that does it all opens the door to discuss those hard questions, like how you’re going to make payroll in a bad month, how long you have until your cash runs out, and where your payroll costs are versus where they should be.
Working with Haworth & Company, Ltd.
Small Business Accounting & Payroll Programs
Interested? Contact Haworth & Company to learn how our small business services can help you. With offices all around the Twin Cities metro, as well as Rochester, we hope to have a location convenient to you. Build a relationship with one of our trusted business advisors discussing your problems, advising solutions, and receiving timely, accurate financial statements. Trust our EZ Payroll team to solve your payroll nightmares, empower you with powerful software solutions, and save you time and stress.
Disclaimer: This blog content is for general informational purposes only, should not be considered professional advice, and does not establish a client relationship. Haworth and Company is not liable for the accuracy of this information or the content of external links. Please use this information at your own risk, ensuring it suits your specific needs, and consult with a certified tax professional for your own personalized guidance.
