Hiring new employees is an exciting milestone for any small business. But staying on top of payroll can be confusing and time-consuming: if the business fails to comply with hundreds of ever-changing tax regulations, they’re subject to fines and penalties. More than 40 percent of small business owners make costly payroll mistakes every year.
Fortunately, there’s a simple solution that can give you back precious time and restore some peace of mind: delegating. Brian Pfeifer, Payroll Sales Senior Manager at Deluxe Corp., explains the most critical reasons to hire a professional service to handle your payroll.
1. Pay with confidence
Deluxe Payroll Service takes care of everything. These trained professionals handle all the calculations, direct deposits and governmental tax remittances according to the latest rules and regulations. Deluxe Payroll also handles the required record keeping and reporting so that your payroll is processed efficiently, accurately and right on time.
The owners of Lighthouse Sounds, a recording studio featured in the third season of Small Business Revolution — Main Street, have had a huge administrative burden lifted since outsourcing their payroll to Deluxe. Owners Jay “Hart” Stanley and Alex St. Cin are relieved to have everything from tax filing to employee social security number verification managed by experts.
“Now that we have more engineers, I’m thankful Deluxe set us up with payroll services and took care of all that red tape, giving me more time to focus on the business,” Stanley says.
2. Avoid costly penalties
Never worry about penalties for paying your governmental source remittances late. Deluxe ensures your taxes are paid on time, every time.
3. Stick to your budget
Payroll services are an affordable option for most businesses. Whether your business has one employee or dozens, the flexible service plans are designed to grow with you, so you pay only for the payroll services you need.
4. Save time and energy
When you outsource payroll to the experts, you (or your employees) become free to focus on your business. You won’t have to worry about payroll during vacation or illness, or someone else preparing your payroll and keeping your records up to date.
For Stanley and St. Cin, payroll is no longer eating up time that could be better-used booking and serving clients. Now they simply provide Deluxe with Lighthouse Sounds’ employees hours, and the experts take care of the rest.
5. Avoid filing worries
Payroll experts stay current with the ever-changing tax rules and regulations, so you don’t have to. When you choose to outsource, you won’t have to worry about filing payroll tax-related paperwork.
6. Get the support you need
You know how complex, confusing and time-consuming payroll calculations can be. The Deluxe team has the specialized training needed to manage your payroll (large or small) efficiently and accurately. Your payroll will go out on time while ensuring that your business is complying with all payroll tax obligations.
7. Keep payroll data secure
It can be embarrassing and detrimental to morale if the wrong eyes fall on the wrong payroll information. By outsourcing your payroll, sensitive and confidential payroll data is calculated off-site, so there’s little chance of breach in confidentiality.
8. Eliminate guesswork
Deluxe provides a wide selection of payroll reports. Everything you need to see to run a clean and concise payroll. You will even get a completed payroll journal entry, listing all your debits and credits. No guesswork! Get all your payroll information in concise, easy-to-understand formats. For your convenience, you will even have access to your electronic payroll data, fully downloadable into Microsoft Excel.
9. Adjust payroll as you grow
Payroll experts are ready to handle any changes you need to make. Hiring new employees? No problem. Since working with Deluxe, Lighthouse Sounds has gone from contracting recording engineers to hiring W-2 employees. Deluxe helped guide them through this process.
Do you need to adjust withholding or deductions? Deluxe Payroll Services will take care of it. As your business grows, your payroll specialist will suggest and implement programs that will assist in retaining key employees.
10. Earn the trust of employees
Getting paychecks out on time isn’t a luxury, it’s an expected part of running a business. Deluxe keeps your payroll running smoothly, providing employees with a direct deposit option and concise, easy-to-understand pay stubs. Deluxe Payroll shows employees you are a reliable employer.
Editor’s note: This article was originally published in April 2017 and has been revised for accuracy and relevance.
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