How Can a Payroll Service Benefit Your Small Business - TaxAct BizAdvance

No matter the time of the year, small business owners are always thinking about taxes. When is the next deadline? Are we avoiding the most common pitfalls? These are the types of questions that could be running through your head.

If you are doing payroll yourself, and you’ve grown tired of dealing with this on a regular basis, it may be time to make a change.

Here are a few questions to answer:

  • Are you seeking a service to file payroll taxes on your behalf?
  • How do you pay employees?
  • How often do you pay your employees?
  • How many employees does your small business have?
  • Do you have plans to add to your workforce in the future?

All of these questions impact your payroll situation. For this reason, you need to find a service that is not only reasonably priced but also flexible enough to handle anything you throw their way.

Reasons to Hire a Payroll Service

Early in the life of your small business, it’s common to cut corners whenever and wherever you can. This often means avoiding a payroll service and handling this task on your own.

However, as revenue increases and your team grows, it is more difficult to stay on top of this important task.

Here are just a few of the many ways a payroll service can benefit your small business:

1. Time Savings

Gone are the days of spreadsheets and writing checks. Instead, your payroll company does all the hard work for you. You enter the basics – hours, salaries – and the calculations, deductions and payments are done for you.

2. Taxes Paid and Filed For You

There is more to payroll than making sure employees receive their paycheck in full and on time. The tax side of a small business can be challenging on many levels.

With a professional payroll service on your side, you can have taxes paid and filed on your behalf.

3. Stay Current with New Laws

It only takes one change to one law to impact your small business. This holds true on both the federal and state level.

A professional payroll service will stay current with new laws, letting you know if there is anything you need to be aware of.

Know the Costs and the Risks

Despite the many benefits of enlisting the service of a payroll provider, many small businesses shy away from this because of the cost. But don’t let this scare you away.

As long as you are familiar with the overall cost, there won’t be any surprises. And often small business owners realize the cost is marginal considering the time and work it saves them.

When you do payroll yourself, you are taking a big risk. Not only could you make costly errors, but you are spending a lot of time on tasks that don’t push your business forward.

With the above benefits guiding you, it may be time to connect with a professional payroll provider.