There are more than 30 million small businesses in the United States. So for you as a small business owner, you want to do whatever you can to beat the competition.
One way to do this is to look at your accounting, specifically your payroll. By outsourcing payroll, your company can benefit in multiple ways.
We'll walk you through the 3 biggest benefits of outsourcing your business' payroll. Keep reading to learn more.
First and foremost, outsourcing payroll will save you money. Here's how.
Reliable accounting software is often expensive. And for this reason, many small businesses opt for cheaper, less trustworthy options, or decide to skip software altogether and do things by hand.
But by doing this, the accounting process worsens and often becomes inaccurate. When your accounting is inaccurate, this translates to inefficiency and lost money.
Additionally, by outsourcing payroll, you can focus on the areas of the business that are your expertise. This will help you improve those areas, which will better your bottom line as well.
When you do accounting in-house, you're reliant on two things: the security of the software you choose and the security of the networks and servers you access.
And the truth is that many of these options are not very safe, putting your company's financial information at risk, including sensitive bank account data.
By going with an outside firm, you can avoid this issue altogether. This is because outsourced companies have already invested in super secure technology.
For your business to invest in the same level of security, it would be an astronomical cost. It makes much more sense to rely on someone else who has already done that.
And at the end of the day, outsourcing this means you can rest easy knowing your company's financial information is safe.
Last but not least, utilizing a third party payroll service means you have daily access to accounting professionals with years of experience.
Many small businesses have someone with little accounting experience doing their payroll. Often, it's an office manager or administrative assistant. Perhaps it's an HR employee who's helping out with paychecks.
Either way, they don't have anywhere close to the amount of experience that an outsourced partner does.
A third party company will also use the most up-to-date technology, making sure everything is done properly. Additionally, they will ensure that everything is performed in accordance with federal standards so you don't get in trouble with the IRS.
And if you ever have accounting questions, you have professionals available to help you around the clock.
Now that you've read all about the benefits of outsourcing payroll, it's time to consider this option for your business. It's really a no-brainer for many small companies. Does it work for you?
If you're interested, contact us today. We're here to help.
We know what it’s like to build a business from the ground up, and we understand the importance of a good support system.
TheOfficeSquad combines the precision and discipline of the military with training in the administrative and bookkeeping fields, all while maintaining the understanding and urgency of owning a small business.
Our mission is to change the way that America grows small business.
Let's do it faster, better, and smarter.