We’ve Reached the Last 2 Myths of 10 Total
If you’re a small business owner and you have employees, you must do payroll. It’s a given. You can’t get out of it. Your employees expect to be paid for their work. However, that doesn’t mean YOU have to do your own payroll. You can outsource your payroll to a payroll service provider like The Payroll Department. But many small business owners won’t subcontract their payroll, because they believe all these myths about outsourcing payroll that they hear from other people.
In this blog post, we’ll talk about the last 2 myths that we commonly hear entrepreneurs use as reasons why they can’t outsource their payroll. And we’ll explain why these myths are wrong.
Myth #9: Outsourcing payroll affects jobs.
Many small business owners think that outsourcing payroll to a third-party company will take away jobs from their employees. Yes, subcontracting your payroll will remove that task from your employee’s to-do list. But, think about the positive impact, once that task is eliminated, your employees will have more time to do a variety of other important tasks within your company. Think about it: Your workers want to improve their skills and experience career growth. By outsourcing payroll responsibilities to The Payroll Department, you create new opportunities for your employees. Now they can use their time, talents, and creativity in new ways that directly benefit your company’s operations.
Myth #10: I can only outsource payroll at the beginning of the year.
Frequently, small business owners are under the misconception that they can only switch their payroll at the beginning of year. But that’s simply not true. Your payroll systems can be subcontracted at any time during the year. Outsourcing your payroll on January 1 or at the beginning of a quarter just makes it a little easier to follow your financial records. However, it’s not impossible to switch at other times during the year. Experienced payroll providers like Teresa Ray at The Payroll Department can seamlessly shift over your payroll to our care. Just be sure to allow some time to adjust to the transition.
Why Outsourcing Payroll to The Payroll Department Just Makes Sense
Now that we’ve gotten all these myths out of the way, you can better appreciate the benefits you’ll receive by contracting out your payroll. When you choose to work with The Payroll Department, you can:
- Save time and money. It can cost a lot to process payroll on your own – more than you may think. An average 20-person company spends $800 a month on payroll efforts while the average 100-person company spends $3,500 a month. The Payroll Department can help you reduce your overhead.
- Stay in control of your payroll through automated time tracking systems.
- Have happier employees since your payroll is being handled by professionals, so errors are eliminated.
- Avoid paying IRS penalties. About 40% of small businesses pay on average $845 in penalties per year for late or incorrect filings and payments, according to the IRS.
- Offer direct deposit to your employees – a benefit many workers want. You don’t have to write checks, and your employees don’t have to go to the bank to deposit their payroll
- Stop worrying about keeping up-to-date on government changes. Let The Payroll Department notify you if any changes affect your business. Plus, we can proactively keep you in compliance.
Take the headache out of your payroll processing by outsourcing it to The Payroll Department. We work with many small businesses like yours in Central Indiana and neighboring states, providing them with the services they really want and need. We’re confident we’ll meet and exceed your expectations, too. That’s why we guarantee your satisfaction.
Therefore, stop believing the myths about outsourcing payroll. Contact Teresa Ray at The Payroll Department today at 317-852-2568. Discover the advantages that we can provide your business by contracting your payroll to us.
– Ariane of The Payroll Department blog team