Payroll is one of the most important things a business does . . . everyone needs to get paid!! Yet this is one area that is easy to mess up. Within the past ten years, payroll providers have popped up everywhere for small businesses to use. How do these payroll providers actually add value to a business?
Payroll providers are experts at payroll. These companies know all the rules and regulations for employees within the state they reside and work in. It is extremely important that businesses file their payroll properly each pay period. Ultimately these numbers are reported to the IRS and errors in payroll entry can cause long-term problems with the government. Because there are many rules, regulations, and exemptions, it is often most efficient and convenient to have experts handle this aspect for the business.
Managing payroll in-house is a timely process that can use up a substantial amount of time and resources. Outsourced payroll services work off site and provide all the function of running payroll in-house without tying up valuable resources. Outsourced payroll services also ensure all taxes are withheld from each employee’s paycheck and paid out to the proper institution. They will also manage all other deductions from an employee’s paycheck, including garnishments. These are just a few of the benefits assisted payroll providers give to their clients.
For more information on how to choose the best provider for your business, call us. TGG Accounting works with many outsourced payroll providers and can assist you in choosing the right provider for you.Written by: Ashley Peth TGG Accounting