Assess the Danger of Payroll and Tax Errors
For thousands of Americans, the dream of being your own boss is alive and well. But of course, there are many vital aspects involved when you successfully open and operate a small business. And intense attention has to be paid to every aspect of running the business.
- You have to aggressively market your small business, services and products, so your customer base grows.
- You have to be seriously committed to providing excellent customer service to ensure continuity and return customers.
- You have to take the time to thoroughly train your employees so production and quality is consistent.
As if those aren’t enough important and time-consuming issues to deal with, correctly providing payroll ranks No. 1 with employees, in regard to importance. Even though the IRS might not be on your list of customers to provide great service, employers in the know realize that payroll taxes are high on the list to be reported accurately and deposited on time. The cost for errors and late payments can be high and hound you for a long, long time.
With that in mind, of all the aspects of running a small business, outsourcing payroll will very likely be the most cost-effective as well as the safest decision you will ever make as a responsible small business owner. It doesn’t matter how disciplined you are or how task-oriented you happen to be, either. When you get caught up in problem-solving in other areas, you are much more at risk to forget or delay doing something in another area of your business. And this is when the serious mistakes can tear into your wallet.
If you are not well-versed in local, state and federal payroll and tax laws, you place yourself at an even higher risk for disaster. Penalties for errors on taxes can really sting the company bank account. Plus, the cost of an audit can sometimes force a small business to close their doors.
Just as you wouldn’t drive a car, knowing the brakes might be faulty, don’t set out to do your own payroll if you are not completely confident in your abilities. Give your small business the safety net it needs. Contact the experts at The Payroll Department. While you focus on juggling so many different parts of your business, know that we are concentrating on your company payroll. We promise you will sleep better at night, knowing that The Payroll Department has your back.
-Sherri of The Payroll Department Blog Team