Want to know how to use up business-building time in your small business? Here’s a hint: The National Small Business Association estimates that more than 50% of American businesses spend AT LEAST 4 hours PER MONTH in payroll processing. That equals 48 hours PER YEAR – that means you lose one full week of productivity every year doing payroll. What’s that costing you???
Of course, that doesn’t include:
- Payroll tax reporting and deposits
- End of year W-2 or 1099 processing
- Changes to payroll – adding or eliminating employees
- Changes to payroll – adding benefits, taking care of garnishments, deposits or other liens
- Or any other adjustments that have to be made or monitored concerning payroll, payroll taxes, or regulation compliance.
Think what you could be doing with an extra 48 hours:
- Nurturing new clients
- Keeping in touch with existing customers
- Improving your systems
- Training employees (to be better or develop new skills and knowledge)
- Designing new email or direct marketing campaigns
- Actual work production
- GOING ON VACATION!!!!
There are a million ways you could turn those 48 hours into something concrete, profitable, or enjoyable that would benefit you, your family and your business.
The Payroll Department can give you those 48 hours – and more. We have professionals that will provide payroll processing. In addition, we will take care of all those other things on the “does not include” list above, which, in the end gives you even more time to build your small business.
As the owner or manager of a small business, your time is probably the most valuable asset in your business. Outsourcing professional services, like payroll, or bookkeeping, or legal matters is almost a no-brainer, especially if it takes you longer to get up to speed with the important details.
It’s even more important because missing those little details not only can cost you time, but fines, penalties and other fees if you miss something. So you see, it’s about more than just wise time management. It really is about professionalism, efficiency, and efficacy.
Spend your time doing those things in which you excel. Spend the extra time you create by outsourcing building your client list and improving your production. Then, in the end, you might have the resources to actually take a vacation!
-Elaine of The Payroll Department Blog Team