April 19, 2024
Welcome to our Weekly Digest! 🚀
Today we will quickly look into three reasons why a payroll service can benefit your small business!
First of all, what is payroll?
Investopedia defines it as "...the compensation a business must pay to its employees for a set period or on a given date. It is usually managed by the accounting or human resources department of a company. Small-business payrolls may be handled directly by the owner or an associate."
Though small businesses can take care of payroll themselves, there are many advantages for them to use a payroll service! Let's take a look at some of these benefits.
Cost effective! "Companies outsource payroll because they’ve determined it to be more cost-effective than managing payroll in-house...." (Forbes Advisor). Whether domestically or internationally, if the payroll service provider is located in an area with lower cost of living, the services can be cheaper to perform!
Handing it over to the experts! Forbes Advisor states that "payroll functions can be assumed by providers specializing in effective payroll management. Mistakes involving taxes or adherence to regulations can be time-consuming and costly to resolve, so there’s a strong incentive to get everything right the first time. “Leaving it to the pros” can be especially beneficial for large companies with complex and burdensome payroll responsibilities."
More time to focus on your business! "A company’s core business functions...are understandably its main priority. Devoting resources to more peripheral functions such as payroll is unavoidable, but relying on time and effort from in-house staff inevitably chips away from opportunities for revenue or growth and can further detract from company efficiency when unexpected issues arise. The only types of businesses that identify payroll management as a core function are, well, the payroll outsourcing providers themselves. Outsourcing payroll stands to greatly reduce a major administrative distraction for most companies, allowing them to “cut the fat” from their employee rosters and keep their organizations focused on other tasks." (Forbes Advisor).
🧡 Maybe these three reasons sparked interest in working with a payroll service provider? Well, we're one! We can work with you to manage your payroll more effectively and free up your time!
Book a chat with our expert, Corey below! 🌟
Get in touch! 🤙🏻
Our team members are experts in bookkeeping and payroll! Have any questions or concerns? Book a free chat with us below!
*ALL INFORMATION CAN BE FOUND in the linked sites. No copyright infringement is intended. BeanLogix does not own nor claim to own the rights to the content shared.