Time for Small Business Owners to Pay Up: 3 Options for Payroll Processing
by Arina Smith Small Business 04 February 2019
Did you know nearly half of small businesses face payroll penalties of about $845 each year? It may not seem like a huge cost in the grand scheme of things, but you likely have better things to spend $800 on.
Business owners with a do-it-yourself approach to payroll processing often face penalties. Although they’re not experts, they may feel they have to do payroll themselves.
You may feel you’re in the same boat. You manage payroll on your own because you don’t have the resources to do otherwise.
We’ve gathered up these three great options for small business owners. You can stop worrying about payroll and get back to the things that matter most to your business.
1. Hire a Bookkeeper to do Payroll Processing:
The first option helps you keep your employee payrolls in house. You can hire a bookkeeper to manage payroll for your business.
Keep in mind that you don’t need to hire someone on full-time. In fact, many bookkeepers and accountants are contractors. They’ll work for your business part of the time and service other clients as well.
With a bookkeeper’s help, you’ll spend less time stressing about how to do payroll taxes.
2. Invest in Some Software:
You can’t quite hire a robot to do your payroll for you, but you can get the next best thing. Today, small business owners have a choice when it comes to selecting accounting software.
The software you select can be based on your needs. There are cloud-based and free options out there. There are also powerful accounting programs to manage every aspect of your finances.
If you’re not sure how to do payroll, though, this may not be the best option for your business. While software can make it easier, it may not be able to give you all the advice you need. If you choose software, you may still want to consult with an accountant or bookkeeper.
3. Outsource to a Payroll Provider:
Perhaps the best option for small business owners is to outsource this task. Payroll processing can be both time-intensive and costly if you’re not sure of all the ins and outs.
You might think outsourcing is only a solution for big companies, but this isn’t the case. Many small businesses outsource payroll services. It saves them time and money.
How can you be sure you’re getting the best payroll service? Be sure to shop around and compare different providers. Look at factors like price, services, and even customer experience.
When all is said and done, you want someone who will address your needs as a small business.
There Are Better Payroll Choices:
It’s clear that DIY isn’t the only option small business owners have when it comes to payroll processing. Software, bookkeepers and accountants, and payroll service providers could be the answer.
Outsourcing administrative tasks like payroll are just one way to make your business more efficient. If you’re looking for more tips to streamline your operations, check out our blog for the great advice.