Let’s face it, staying on top of payroll is a challenge for businesses of all sizes. Workers’ Compensation, taxes, employee benefits, human resource services and the like can combine to create confusion in even the most astute business professionals. Not to mention the fact that managing all things payroll is incredibly time consuming. Therefore, if you own a business, small or large, hiring a payroll provider is a move you should seriously consider. Here’s why:
Tax regulations are ever evolving, making it virtually impossible to stay apprised of all the latest changes. Thankfully, by partnering with a payroll provider, you can ensure your company remains on top of government forms, deposit requirements, the tax code, ACA Compliance, filing deadlines and tax tables. Speaking of taxes…
2.) Tax Expertise
Another reason to hire a payroll provider is the fact that misfiling taxes can cost your business significantly, even if it was an honest error. In fact, the IRS reports around 40% of small businesses pay yearly penalties. This is not for some arduous act but for simple mistakes like late or incorrect payments or tax filings. As a business owner, this prospect likely makes you a bit nervous as even honest mistakes do not go without notice or punishment. Thankfully, many payroll providers will give you a guarantee on their services. This means that if your business should incur a fine because of a filing error or payment issue, then any incurred penalties or fines will be paid by the payroll provider. It’s important to note that even if a payroll provider assumes all the responsibility for paying penalties, you as the business owner might have to pay the subsequent interest charges.
As mentioned above, overseeing payroll is a time-consuming and often frustrating process. If you are like some businesses, you have employees overseeing your current payroll management. However, by hiring a payroll provider, you will free up your staff’s time and allow them to focus more on revenue-generating activities. Payroll providers can also aid human resource employees, allowing them to be more efficient by outsourcing specific tasks.
4.) Financial Reporting
Hiring a payroll provider can also produce valuable financial reports. This can include payroll by departments, summaries of various earnings statements, job costing, Certified & OCIP Payroll, expenses, time sheets and many other types of reporting that would be helpful to have as a business owner.
PEO vs. Payroll Services
While outsourcing payroll services can be a good starting point, oftentimes hiring a PEO (Professional Employer Organization) makes more sense for your business. With Consolidated Personnel Services, your business can unify all its HR and payroll needs under one company. CPS allows you to simplify your employee administration and HR functions. This helps your business amplify its bottom line. As a full-service PEO, CPS can offer the below services and benefits that go far beyond payroll.
- Payroll Administration
- Workers Compensation
- Risk & Claims Management
- Employee Benefits Administration
- Employee Handbook Services
- Harassment Training
- HR Audits
- Policy & Procedure Development
- Performance Appraisals
- Compensation Analysis Services
- Performance Management
- Fiduciary Liability
Your Next Step
Now is the time to consider whether your business would benefit from payroll and/or additional services. Contact us at Consolidated Personnel Services today to learn more about how we can help your business grow. Call us today!