Keeping up with the payroll and all the accompanying documentation that is required with it is a drain on your time. There are deductions, new hires and terminations, garnishments, sick leave, and vacation time as well as trying to keep up with changed in Federal and states laws and regulations. Then there is the preparation of every employee’s W2 form and seeing that they are sent out in a timely manner. When you outsource to a payroll service provider, both yours and your employees’ time can be better spent on core business matters. You will need to make contact with your payroll provider once every pay period in order to approve the time records.
It Can Keep You Out of Trouble with the IRS
According to official IRS records, small businesses pay an average of $845 every year in extra fees because have filed incorrectly or late. Errors and penalties can add up quickly and wind up costing your business more than you can afford. Professional payroll service providers, however, are legally required to keep up to date with all amendments to the regulations, rules, and changes in the tax code. A provider with a good reputation in the industry is far less likely to make costly mistakes. If you choose a good company not only will they take care of your payroll, including taxes, they will take care of all filings and payments, and most importantly, pay for any penalties you may incur due to an error on their part.
Better Security
No matter how long someone has worked for you or how long you have known them, the sad truth is that everybody has a tipping point. There is always that chance of theft, fraud, identity theft, or embezzlement. This is an issue that can keep you awake at night and leave you distracted from your business. Payroll service providers have technology set up so that they can spot these trends and alert you to such. Innovative Employee Solutions is one of the heading payroll service providers.
