When calculating your payroll, do you do it yourself, old-school, with pen, paper, and calculator? Or do you outsource this function completely, letting someone else take care of it while you focus on your core business? Is there another way that might be better for your company? Read on.
Payroll Method 1: Do It Yourself
There are, of course, benefits to the do-it-yourself method. It saves money, if you're able to do it quickly enough each week or month—putting too many hours into it means you might be wasting money you could be making doing something else! It gives you a lot of visibility into and control over the process. You'll know exactly where your payroll dollars are going. And hey, maybe you like it. On the other hand, in addition to all the work and time you have to put into it, this method has the most likelihood for errors. Then there's the paperwork, and the filing, and the headaches of dealing with government regulations on your own.
Payroll Method 2: Payroll Software
Maybe you use payroll software. Again, you have more control over the process and probably a nice snapshot of your payroll output. The software does the calculating for you, probably in just a few clicks. But you still have to make bank deposits and report and file taxes. And, of course, you have to learn how to use it and keep up with any changes. It's faster than doing it yourself, "by hand," but you still have to make sure you're doing everything right.
Payroll Method 3: Use an Accountant
You can also ask your accountant to take care of your payroll. Delegating this task gives you more time for other work-related responsibilities, and your accountant can worry about tax responsibilities. It will cost you, though. So if you're software-savvy, you might use a combination of payroll and accounting software. You retain total control over the process, you can pull up payroll and financial data with ease, and the accounting software should automatically update payroll expenses, meaning you don't have to worry about double entries. Using them together should save you time and help you share liability. Once you've gotten over the learning curve, this should work well—as long as you keep up with updates and upgrades.
Payroll Method 4: Outsourcing
Then, of course, there is full-service payroll outsourcing. If you work with a reputable, established company like Complete Payroll, benefits include:
- Personal service – You have an assigned representative to answer any questions you might have. At Complete Payroll, you have access to a team of qualified experts that really get to know you and your business.
- Tax compliance – Your payroll company takes care of taxes, deposits, and filings. You don't have to worry about changes to tax laws, either since we stay on top of all of the changes that impact your business.
- More time to focus on your core business activities – Setting aside time to do payroll and be compliant could mean several hours a week for managers. Who has the time? When you outsource your payroll function, you have access to your account when and if you need it, but you'll be able to focus on other activities that are essential to running your business.
- Automation and paperless – With green options such as direct deposit, you avoid the hassle of your staff having to deposit a physical check. With no restrictions on the number of transactions allowed, your employees can deposit money into multiple accounts, including a money market account. Plus you can feel confident knowing that this paperless choice is better for the environment.
- Technology & Security - At Complete Payroll, your security and privacy is our upmost concern. We offer enhanced security of your most sensitive data.
Our customers’ data and transactions are monitored around-the-clock by certified network engineers and customer support staff. Our technology offers companies innovative business solutions, extensive software optimization, integration capabilities, all built on a secure, rock-solid infrastructure that supports your business requirements. Our technology also interfaces with other administrative needs of our clients, such as GL's and 401k's.
Yes, outsourcing your payroll to a company like Complete Payroll costs money, but it will also save you time. And as the old cliché goes, time is money.
If you think payroll outsourcing is too expensive, you may be wrong! Whether you have 5 employees or 500, we can help! Call us anytime to see what we can do for you.