Payroll Services in Dallas, TX
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The advantages of outsourcing payroll for both small and large companies are numerous. The benefits of cost and time savings, filing of reports and avoiding compliance issues make payroll outsourcing a popular service. As mentioned the benefits of outsourcing payroll or numerous, the following benefits seemed most important to our customers:
- Focus Better on their Primary Business. Payroll is one of those essential functions, if carried out poorly it can put your business in a bad predicament it can consume the time and attention needed to perform essential activities.
- Getting Access to Expertise. For small businesses on the larger side (50 full-time employees and up), the Affordable Care Act alone imposes considerable reporting and compliance requirements. For an example IRS forms related to payroll are 1094-C, 1095-C, 940, 941, and 944 just to name a few.
- Getting Access to Technology. As a business grows, employers have more employee records to keep and also need more reporting. Lack of technology becomes a hindrance to scaling for growth of the business. Employees today want options like direct deposit and self-service access to their payroll information online. Employers that aren’t able to provide such options may be at a competitive disadvantage.
- Saving Money. Taking care of payroll internally is not always the most cost-effective approach. For example, such as, investing extra resources in payroll personnel, add-on payroll software, and training to use the program correctly across HR and accounting departments. On average, said Childs of Paychex, businesses are overpaying employees by about 4 percent because of differences between the employee’s time and an accurate time record.
- Compliance with Government Regulations. According to IRS figures, 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect filings. Due to the fact that businesses have to comply with a wide range of laws when it comes to employees — from federal, to state and local. It takes considerable time and attention to detail to deal with them. Other concerns were requirements around withholding taxes from the employee’s pay, calculating the employer’s portion of taxes, and timely filing requirements.
- Saving Time. You or your staff may need to input extensive data, and time & cost associated with processing your payroll. Moreover, outsourcing your payroll may help in minimizing mistake and potential IRS audits.
A good payroll provider offers capabilities that go beyond what you can do on your own.