As a small business owner you have a million and one things to think about at any one time. The last thing you need is another important task to be added to your to-do list. So when it comes to payroll, is your small business running as effectively as it could be?
Time is not something you have extra of as a small business owner. Therefore it is important that you save time anywhere you can. Payroll is a great opportunity to save you time. Not just payroll, but payroll taxes as well. According to a survey done by NSBA, business owners spend 80 hours a year just on payroll taxes. That is 2 full work weeks you could be spending on other tasks, not to mention the time you could save running payroll every few weeks.
Mistakes Cost Money
Payroll and payroll taxes can be very complex. There are lots of rules and regulations that differ based on industry, state, and income. Rules and regulations are also always changing, making it difficult for business owners to stay up-to-date on them.
According to an article by Forbes, the IRS penalizes 1 in 3 business owners for mistakes made in their taxes each year. Don’t be on the wrong side of that statistic. If you hire a payroll software company, typically they will take full responsibility for any mistakes made, and they can stay up-to-date on any changes in laws and regulations. Once less thing for you to worry about.
Focus On Bigger Things
As a business owner, you are the fuel and fire behind your business. Your time and energy is best spent focused on running and growing your business. Outsourcing your payroll gives you the opportunity to spend that time elsewhere in your business. Check this off your to-do list and focus on the parts of your business that need it.
Employee Self Service
While we’re discussing places you can better spend your time, let’s talk about employee management. Onboarding new employees, training, company announcements, etc. Most payroll softwares can take care of all of these tasks. That means the next time you hire a new employee you won’t have to spend a few hours going over new employee paperwork, let your software take care of all of it before they even start!
With all this time you’ll be saving, who knows what kind of business genius ideas you can think up! You just might be the next Steve Jobs!