Did you know that there was an actual National Payroll Week? There is, and in 2014 it is celebrated September 1 – 5. According to the American Payroll Association, there is a lot to celebrate, especially “the hard work by America’s 156 million wage earners and the payroll professionals who pay them.” All of us here at The Payroll Department think you should break out the champagne and make a toast! Let me share why…
Payroll is a wonderful thing – for the payees AND for the payers as well as for the payroll services companies and the state and federal governments. A paycheck has real significance and just about every worker remembers the first one they received. Some might have the stub folded up in their wallet or tucked in a special place. It’s a rite of passage at the very least.
Why Payees Should Celebrate
I know it’s obvious; payees have jobs and are making money. Sometimes it isn’t enough or is just enough, but they have the ability and prowess to bring home some bacon for the family table. And getting ahead in a career means bringing home more bacon – and homes – and clothing and even some disposable income for the extra things.
Why Payers Should Celebrate
Now here I am talking mostly about small businesses. You see, offering employment is a real commitment on their part. To hire employees is a promise, kind of a like a marriage vow. It’s a leap of faith that they will be able to sustain revenues to fulfill the promise made to a worker. Hiring employees is a sign of success for a small business owner. Not only are employers paying wages to employees, they are also paying taxes, benefits and health care possibly for employees who work for them.
Why Payroll Services Should Celebrate
Thriving payroll services firms represent something more than paychecks and payroll taxes being paid on time. They represent the state of the economy. When payroll providers are busy and growing, so is the economy. More employees being paid means more small business owners are strapped for time because there is more work to be done and the pile of administrative tasks stacks up high – fast! Payroll services is one area that really has a significant ROI because not only are the payroll fees less than you might think, but also because getting payroll taxes reported and paid within deadlines saves money and potentially, the whole business. Keeping up with the government and the tax law changes is something every small business owner would gladly outsource to another business.
Why Government Should Celebrate
According to NationalPayrollWeek.com, wage earners, employers and payroll services firms, “through the payroll withholding system, contribute, collect, report and deposit approximately $1.97 trillion or 68.9% of the annual revenue of the U.S. Treasury.” And you know each state government gets their share as well.
Payroll keeps families running, companies running and the government running. Take some time out from all the hard work to celebrate every part you play in the payroll cycle – and be proud. You are building a future.
-Teresa Ray, owner of The Payroll Department, Brownsburg, Indiana