Time is One of Your Most Valuable Resources: Use it Wisely!

In October 23, 2015
On News

Outsourcing payroll functions has a number of important benefits–just ask any of the thousands upon thousands of businesses that do it! It allows you maximize efficiency, outsource other functions more easily, and avoid costly IRS fines associated with payroll errors. (As you may already be aware, 40% of all small businesses are charged fines for payroll errors each year, with fines averaging $845.)

Instead of attempting to navigate the stressful and potentially costly process of in-house payroll, a growing number of businesses now outsource.

The biggest benefit of outsourcing

The greatest benefit of outsourcing your payroll, however, isn’t even directly financial. When you choose to outsource time-consuming processes such as payroll (or human resource management, timekeeping, etc.) you free up an enormous amount of your own time.

This can reduce your stress level while allowing you to enjoy your personal life more fully–and at the same time provide you with an extra edge in the business world, since you won’t be as occupied with mundane details that have nothing to do with the broader vision of your business.

Outsourcing vs. In-house: a visual comparison

In order to fully illustrate the benefits of payroll outsourcing, we’ve listed the 10 steps to conducting in-house payroll (as outlined by the U.S Small Business Administration) followed by the three steps required to run payroll with us.

In-House Payroll

  1. Obtain an Employer Identification Number (EIN).
  2. Check Whether You Need State/Local IDs.
  3. Understand the Difference Between Independent Contractors and Employees.
  4. Take Care of Employee Paperwork.
  5. Decide on a Pay Period.
  6. Carefully Document Your Employee Compensation Terms.
  7. Choose (and purchase) a Payroll System.
  8. Run Payroll.
  9. Get Record Keeping Savvy.
  10. Report Payroll Taxes.

Payroll with Precise Payroll:

  1. Contact us and speak with a friendly, knowledgable representative.
  2. Provide us with the necessary information, updating this information when necessary.
  3. Focus on building your business and enjoying your life!

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