As we all know, changes in the world of small business are not only inevitable, they are also constant. More than likely, if you are an entrepreneur, you already have your hands full, just trying to get through your daily responsibilities. That’s one reason why The Payroll Department stays up with the trends. We want to always provide small business owners with the education and information you need.
With that fact in mind, we want to share some current trending information with you:
- According to a recent survey conducted by Surepayroll, one in 10 small business owners use mobile technology.
- In many businesses, employees are taking a much more active role in their employer’s payroll department, meaning that they utilize self-service portals to set up individual employee profiles. They also have direct access to change their withholding and to also decide if they prefer to be paid by direct deposit, debit card or a check.
- The Affordable Care Act will soon require businesses with 50 or more employees to report more information to the federal government and to withhold more payroll taxes from certified, higher income employees.
- According to a recent Bloomberg BNA Report, small business owners continue to seek out expertise regarding the overall success of their business, meaning they choose to outsource payroll. This decision is based on trusting that companies like The Payroll Department has the professional knowledge and the commitment to stay abreast of continuing tax law
This decision also saves the small business owner time, money and stressful headaches. It has already been proven, time and again, that choosing to outsource payroll drastically reduces the business owner’s risk for making accidental errors and possibly expensive mistakes. As we all know, these innocent mistakes can lead to hefty fines from the IRS. Sometimes the fines can even threaten the longevity of your business.
When The Payroll Department takes responsibility for processing your business payroll, we are also taking partial responsibility for encouraging your success as a business owner. Think of us as the life preserver that helps you sleep at night and enjoy your weekends. We keep you from drowning.
-Sherri of the Payroll Department Blog Team