It’s no secret that running your own small business often means doing 90% operational work and 10% growth work.
One of those operational tasks is completing payroll. Payroll is a complex process that requires focus to ensure you’re paying your employees properly.
Here are a few interesting and informational statistics surrounding payroll for small businesses.
- Payroll mistakes happen twice as much with homegrown systems (pen/paper, spreadsheets)compared to using a third-party solution (Gusto, Paychex, Zenefits, etc)
- Over half of small businesses believe there is room for improvement in their current payroll process.
- ¾ of employed full-time workers live paycheck to paycheck and out of the 82 million people employed, 54% have experienced paycheck problems.
- Almost half of small to medium-sized businesses incur IRS penalties.
- IRS penalties related to incorrect payroll filings can lead to an average of $900 per penalty
- 40% of small business owners say that tasks like bookkeeping, taxes, and payroll are the most stressful and worst parts of owning a business.
Thankfully, with the advancement of technology and intelligent programs, payroll software can help you ease some of the stress and free up a small bit of time, but what you really need is a virtual payroll specialist to help manage your payroll and all that it implies so that you can avoid penalties, save time, and pay your employees properly.
Want to learn more about the benefits of hiring a virtual payroll specialist? Check out these 3 reasons below!
Save Time
How much time do you spend on payroll each week? For example, checking time cards, inputting vacation time, making sure overtime is correct, and so on can really add up. What would you do if you had that time to spend on other parts of your business?
A virtual payroll specialist takes the guesswork out of the payroll process and can get the job done in a timely manner without you having to worry about it being correct!
Avoid Costly Mistakes
As we said above, many small businesses have received penalties from the IRS for wrong payroll information. It could be a compliance issue, misclassifying an employee, payroll tax errors, and much more.
Mistakes happen, but when those mistakes cost hundreds or even thousands of dollars, you want to correct those issues as soon as possible.
A virtual payroll specialist is an expert in these situations and understands the different compliance laws, tax laws, and regulations surrounding employment and payroll.
Expert Services – But Virtual
You started your business because you are an expert in your industry. Unless you run an accounting or payroll business, we don’t expect you to be an expert in payroll!
That’s why you hire experts such as virtual payroll and accounting experts to help run the parts of your business you aren’t as experienced in (nor do you want to become an expert in).
Virtual services have become more and more utilized over the past few years because when you outsource payroll and other tasks, the benefits and cost savings it provides to small business owners are unmatched!
You get the expertise and dedication of an in-house payroll specialist without the cost of having to add them to your payroll or put them in an office.
Effectively, you get the best of both worlds.
Want To Know More About Hiring A Virtual Payroll Specialist? See Redmond Accounting
No matter where in the nation your business resides or what industry you’re in, our team at Redmond Accounting is here to help!
Our services are 100% virtual (and paperless, too!) which means you never have to worry about finding us a place to set up shop.
If you have a computer and internet connection, we are able to help streamline your business and take on those tedious accounting tasks that take up hours a day and days per month.
Our virtual financial, accounting, payroll, CFO, bookkeeping, and accounting-related services ensure you save time and money, avoid costly mistakes, and prevent fraudulent activity!
For more information about which services would best benefit your business, schedule a consultation today!
To learn more about our business, we encourage you to read blogs (our most recent discusses the difference between a CPA and an accountant ), browse our website, and follow us on social media!
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